KUALA LUMPUR (Nov 25): The ringgit depreciated to its new one-year weakest level at 4.4688 against a strengthening U.S. dollar so far today, on expectation of a U.S. interest rate hike next month.

The exchange rate was between 4.4592 and 4.4688 so far today, Bloomberg data showed.

The U.S. Dollar Index, which measures the U.S. dollar's value against a basket of currencies, rose to 101.85. The intraday range so far today was between 101.76 and 101.92.

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. 

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 policies.