KUALA LUMPUR: The ringgit eased against the greenback in early trade today on better demand, as the Federal Reserve’s latest meeting minutes signalled the possibility of higher borrowing costs.
At 9.21 am, the local unit stood at 4.1530/1590 against the US dollar from 4.1490/1530 recorded yesterday.
A dealer said the meeting minutes showed board members agreeing that borrowing costs needed to be raised further, which lifted the US dollar index and treasury yields to its highest levels in a week.
However, the ringgit traded higher against other major currencies.
It rose against the Singapore dollar to 3.0123/0170 from 3.0177/0212 at the close yesterday and increased against the yen to 3.6860/6923 from 3.6965/7011.
The ringgit improved versus the euro to 4.7743/7824 from 4.7987/8046 and appreciated against the British pound to 5.4375/4458 from 5.4522/4591. — Bernama