Ringgit higher against greenback in early session

KUALA LUMPUR: The ringgit was higher against the US dollar in the early session today as market sentiment was lifted by signs of progress in US-China trade talks and the Federal Reserve’s dovish stance on interest rates.

At 9am, the local unit traded at 4.0750/0800 against the greenback from 4.0800/0850 last Friday.

A dealer said the Federal Reserve has indicated that it would be unlikely to raise interest rates this year and expects only a single hike in 2020.

“This is positive news to emerging market currencies, including the ringgit,” he added.

Meanwhile, the ringgit was traded mixed against a basket of other major currencies.

It declined against the Singapore dollar to 3.0098/0137 from 3.0086/0128 and weakened against the euro to 4.5746/5818 from 4.5737/5809.

The local note rose against the Japanese yen to 3.6679/6734 from 3.6820/6872 and was higher against the British pound to 5.3077/3146 from 5.3122/3203.