Ringgit higher against US$ on profit-taking

KUALA LUMPUR: The ringgit erased Tuesday’s losses to be higher against the US dollar early Wednesday due to profit-taking against the greenback.

At 9.09 am (0100 gmt), the ringgit stood at 4.1890/1920 versus the US dollar from 4.1920/1960 at close on Tuesday.

A dealer said there was a pause in the US dollar’s rally as it retreated from the 16-month high it touched earlier this week.

But, this is expected to be temporary, due to the United States’ robust economy and rising interest rates.

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

It fell against the Singapore dollar to 3.0381/0405 from 3.0285/0333 and declined against the Japanese yen to 3.6762/6795 from 3.6733/6781.

It also weakened against the British pound to 5.4470/4525 from 5.4022/4099 and was lower against the euro at 4.7344/7395 from 4.7097/7146. – Bernama

Source: TheStar