Ringgit retreats on mild profit-taking


KUALA LUMPUR: The ringgit retreated from gains it made last week to open slightly lower against the US dollar today on mild profit-taking activities as investors' shifted interest towards safe-haven currencies, dealers said.

At 9.40 am, the ringgit was down at 4.0550/0600 against the greenback compared to 4.0520/0560 at Friday's close. A dealer said that the greenback was in favour on Monday, rising against most of the currencies as economic data pointed to a stronger US economy, thus reducing the likelihood of interest rate cuts by the Fed.

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