Ringgit climbs against US dollar in early trade

Ringgit climbs against US dollar in early trade

KUALA LUMPUR,. The ringgit was higher against the US dollar in early trade as investors take advantage over the weaker greenback.

At 9am, the ringgit stood at 4.0780/0820 against the greenback from 4.0870/0920 on Monday.

The US dollar was under pressure following Federal Reserve Chairman Jerome Powell’s comment on monetary policy, that interest rates could remain on hold as the central bank waits to see how conditions abroad evolve.

This signalled that there’s no clear time limit to its current pause, a dealer said.

Meanwhile, the ringgit was traded mostly higher against other major currencies.

It rose against the Singapore dollar to 3.0045/0085 from Monday’s 3.0076/0124, strengthened versus the Japanese yen to 3.6594/6639 from 3.6740/6799 and rose against the euro to 4.5914/5963 from 4.5983/6055.

The local unit, however, depreciated vis-a-vis the British pound to 5.3915/3984 from 5.3029/3110 yesterday. — Bernama