KUALA LUMPUR (Nov 24): The ringgit depreciated to its weakest level at 4.4653 against a strengthening U.S. dollar so far today, on expectation of a U.S. interest rate increase next month. The currency exchange rate is also the weakest over the last one year.

The U.S.' interest rate hike expectation followed reports of better economic data there. Bloomberg reported orders for business equipment climbed in October for the fourth month in the last five, while sales also advanced, helping to extend the greenback’s gains since the Nov 8 presidential election of Donald Trump.

It was reported that the U.S. currency rose against most of its major peers as Federal Reserve officials said the labour market has tightened, with some indicating a rate hike should happen in December, according to minutes of their November gathering released in Washington. 

In Malaysia today, the ringgit-U.S. dollar exchange rate was between 4.4493 and 4.4653, Bloomberg data showed. Yesterday, the exchange rate settled at 4.4445.

Today, the U.S. Dollar Index, which measures the U.S. dollar's value against a basket of currencies, rose to between 101.72 and 101.88.

Earlier, Federal Reserve Chair Janet Yellen had said U.S. interest rates might rise "relatively soon". Yellen's comment was in anticipation of higher U.S. inflation and interest rates, due to U.S. President-elect Trump's planned expansionary fiscal polices.