Ringgit rebounds against US dollar in early trade

ringgit-dollarKUALA LUMPUR: Profit-taking on the US dollar helped the ringgit to rebound from last week’s two consecutive losses against the greenback.

At 9 am, the local unit stood at 4.2680/2730 against the greenback from 4.2740/2790 on Friday.

A dealer said profit taking emerged as traders booked profit from the recent rally in the US dollar against a basket of major currencies after the US Federal Reserve (Fed) announced the interest rate increase.

The ringgit was traded mix against a basket of major currencies.

It appreciated against the Singapore dollar to 3.0838/0885 from Friday’s closing of 3.0893/0933 but depreciated against the Japanese yen to 3.8419/8478 from 3.8394/8442.

The local unit strengthened against the British pound to 5.4498/4588 from 5.4549/4617 but eased against the euro to 4.7763/7823 from 4.7741/7801.