Sunday , October 24 2021

Ringgit lowered against the US dollar in the early session


KUALA LUMPUR: Ringgit was lower in relation to the US dollar in the early session for weaker demand, because traders expect the US Federal Reserve (Fed) will continue to tighten its monetary policy.

At 9.11 am, ringgit was 4.180 / 1850 against the dollar from 4.1780 / 1810 recorded on Friday at 18:00.

The dealer said the sentiment towards ringgit was weakened after the Fed confirmed plans to raise interest rates by 25 basis points in December, as well as two further potential rate hikes in mid-2019.

However, ringgit traded higher with other major currencies.

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

Ringgit strengthened against the British pound to 5.4093 / 4162 from 5.4343 / 4386 and gained in value against the euro at 4.7343 / 7403 from 4.7362 / 7413.

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