A customer counts ringgit bills in denominations of 1, 50 and 100 at the service window of a money changer in Kuala Lumpur, 22 July 2005. The Malaysian ringgit was appreciating gradually in cautious trade 22 July after the Malaysian central bank responded to China's yuan revaluation by scrapping the dollar peg in favour of a managed float. AFP PHOTO/TENGKU BAHAR

KUALA LUMPUR – The recent interest rate hike in the US has not negatively impacted the ringgit, said Minister of International Trade and Industry, Datuk Seri Mustapa Mohamed.

He also said an increase doesn’t necessarily lead to a weakening of the ringgit as the local unit’s performance is determined by market forces.

“In fact, since the increase, the ringgit has remained stable and even strengthened. So, we hope this trend will continue going forward,” he told reporters at the Industry Excellence Awards 2016 here today.

The US Federal Reserve on Wednesday increased the interest rate in the world’s largest economy by 25 basis points to one per cent.

At 6pm today, the ringgit traded at 4.4340/4370 against the greenback compared with 4.4350/4390 on Thursday.

Meanwhile, the Industry Excellence Awards recognises the achievements of businesses that have attained outstanding levels of business excellence throughout 2016.

— Bernama