Ringgit higher against US dollar in early trade

Ringgit higher against US dollar in early trade

KUALA LUMPUR,. The ringgit was higher against the US dollar this morning as some traders decided to take profit against the greenback.

At 9.06am, the ringgit stood at 4.1930/1970 versus the US dollar from 4.1945/1975 at close yesterday.

A dealer said the weakness in the US dollar was temporary and the greenback is poised to be higher, especially with rising US consumer prices, pointing to steadily rising inflation that would likely keep the Federal Reserve on track to raise interest rates again, next month.

“Higher interest rates in the US will not be good for the ringgit,” he added.

Meanwhile, the local note traded lower against other major currencies.

It fell against the Singapore dollar to 3.0437/0477 from 3.0349/0377 and declined against the Japanese yen to 3.6900/6949 from 3.6826/6859.

It also weakened against the British pound to 5.4463/4519 from 5.4386/4433 and was lower against the euro at 4.7465/7514 from 4.7264/7314. — Bernama