Ringgit lower in early trade against greenback

ringgit-dollar

KUALA LUMPUR: The ringgit opened marginally lower against the US dollar today.

At 9.22 am, the local unit was quoted at 4.1760/1810 against the greenback from Monday’s close of 4.1750/1800.

The US dollar strengthened on growing expectations of an interest rate hike by the Federal Reserve, said a dealer.

He said recent comments by officials from the Fed, indicating as much, had dampened demand for the ringgit.

However, against other currencies the ringgit traded higher, supported by positive sentiment from the 2017 Budget announcement last Friday, he said.

It rose against the Singapore dollar to 2.9972/0010 from 2.9997/9037 on Monday and strengthened against the yen to 3.9996/0052 from 4.0167/0227.

The ringgit also improved against the British pound at 5.1039/1104 from 5.1106/1184 and gained against the euro to 4.5410/5481 from 4.5445/5512.