Ringgit rebounds against US dollar in early trade

KUALA LUMPUR: The ringgit rebounded from yesterday’s losses to trade marginally higher against the US dollar in the early session today, as investors shifted interest to the emerging currencies due to the growing concern over the outlook on the greenback, a dealer said.

At 9am, the ringgit rose to 4.0660/0690 against the dollar against Tuesday’s close of 4.0690/0740.

The dealer said most of the emerging currencies, including ringgit, benefited after the US Federal Reserve chairman Jerome Powell reiterated that it would stay patient on monetary policy, bringing the greenback to remain near a three-week low.

The ringgit traded mostly lower against other major currencies, except Singapore dollar.

It strengthened against the Singapore dollar to 3.0159/0192 from 3.0161/0209 on Tuesday but weakened versus the British pound to 5.3891/3947 from 5.3638/3708.

Vis-a-vis the Japanese yen, the local unit depreciated to 3.6780/6810 from 3.6711/6759 and decreased against the euro to 4.6316/6362 from 4.6244/6321 previously.