Ringgit lower against US dollar in early trade

KUALA LUMPUR: The ringgit gave up yesterday’s gains to trade lower against the US dollar this morning due to profit taking.

At 9.18 am, the local note stood at 4.1800/1850 against the greenback from 4.1780/1820 at yesterday’s close.

Meanwhile, a dealer said market players would monitor the outcome of the Federal Open Market Committee (FOMC) meeting on Dec 18-19, to gauge the future path of interest rate hikes for next year.

“A bullish statement coming from the Federal Reserve will put more pressure on emerging market currencies, including the ringgit,” he added.

Meanwhile, the local note traded mostly higher against other major currencies except the yen, against which it was lower at 3.6828/6882 from 3.6817/6859 yesterday.

The ringgit rose against the Singapore dollar to 3.0458/0496 from 3.0479/0519, increased against the pound to 5.2823/2890 from 5.2902/2957 and appreciated against the euro to 4.7481/7550 from 4.7533/7587. — Bernama

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