Ringgit lower against US dollar in early session

Ringgit lower against US dollar in early session

KUALA LUMPUR,. The ringgit was lower against the US dollar in the early session today on weaker demand, as traders expect the US Federal Reserve (Fed) to keep tightening monetary policy.

At 9.11am, the ringgit stood at 4.1800/1850 versus the greenback from 4.1780/1810 recorded at 6 pm on Friday.

A dealer said buying sentiment for the ringgit was weakened after the Fed reaffirmed plans to hike raise interest rates by 25 basis points in December, as well as another two potential rate increases in mid-2019.

However, the ringgit traded higher against other major currencies.

It was higher against the Singapore dollar at 3.0310/0357 from 3.0315/0341 on Friday and rose against the Japanese yen to 3.6680/6733 from 3.6685/6714.

The ringgit strengthened versus the British pound to 5.4093/4162 from 5.4343/4386 and appreciated vis-a-vis the euro at 4.7343/7403 from 4.7362/7413. — Bernama