Ringgit snaps four-day winning streak vs greenback

KUALA LUMPUR: The ringgit retreated from its four-day winning streak in the early Friday trade as the market sentiment turned cautious ahead of the announcement of the new Cabinet line-up expected at 11 am today, as well as mild profit-taking following the recent gains, dealers said.

At 9 am, the local note stood at 4.1995/2040 versus the greenback, compared with Thursday's close of 4.1940/1965.

A dealer said investors were reluctant to take any major position and would be closely monitoring the announcement of the new Cabinet line-up, especially the Finance Minister’s post -- a crucial ministerial post that would influence the country’s economic landscape in the future.

It was reported that Prime Minister Datuk Seri Ismail Sabri Yaakob would keep the post to himself.

Meanwhile, the ringgit was traded mostly higher against a basket of major currencies.

It rose against the Singapore dollar to 3.0993/1030 from 3.0998/1021 on Thursday, strengthened versus the British pound to 5.7458/7519 from 5.7659/7693 previously, and increased against the euro to 4.9327/9380 from 4.9376/9405 yesterday.

However, the local note depreciated vis-a-vis the Japanese yen to 3.8153/8197 compared with Thursday’s close of 3.8075/8102. - Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights


Next In Business News

Myanmar, with US$6b in foreign reserves, is doing utmost to stabilise currency
Thailand approves US$1.64b more support measures
Edra wins bid to build 600MW power plant in Bangladesh
Malaysia's retirement scheme third in Asia
UK reveals US$13.3b of inward investment in green push
Bitcoin pushes toward record before debut of futures-based ETF
Hong Kong's new China futures create bourse history, but lag rival Singapore
Chinese property bonds firm after Kaisa and Sunac make coupon payments
CIDB hopes for funds to boost tech in construction
IOI Corp offers to buy debt notes

Others Also Read