Ringgit lower against US dollar in early trade

Ringgit lower against US dollar in early trade

KUALA LUMPUR, June 14 — The ringgit slipped further against the US dollar today, nearing the 4.00 level after the US Federal Open Market Committee hinted at two rate hikes this year, but the market is still cautious on uncertainty over the European Central Bank’s (ECB) quantitative easing plans.

OANDA Head of Trading in Asia-Pacific Stephen Innes said the market should anticipate another lazy day today with investors remaining sidelined ahead of the ECB meeting as they remain glued to macro moves in the global interest rate environment.

At 9.01am, the ringgit was quoted at 3.9930/9970 against the greenback from yesterday’s closing of 3.9920/9960.

The local unit was also traded lower against a basket of currencies.

It fell against the Singapore dollar to 2.9892/9933 from yesterday’s 2.9874/9908 and declined against the British pound to 5.3394/3468 from 5.3241/3311 on Wednesday.

Vis-a-vis the Japanese yen, the local unit reversed yesterday’s gain to 3.6198/6238 from 3.6097/6140 and weakened against the euro to 4.7089/7149 from 4.6922/6973.

– Bernama

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