Ringgit lower amid renewed interest in greenback

KUALA LUMPUR: The ringgit traded lower against the US dollar in the early trading session today amid renewed buying interest for the greenback.

At 9.05 am, the local note was trading at 4.1870/1905 versus the US dollar compared with 4.1860/1895 at Thursday’s close.

SPI Asset Management managing partner Stephen Innes said the US dollar remained supported through the higher United States’ (US) yields channel ahead of next week’s Federal Open Market Committee meeting.

"This doesn't necessarily mean the ringgit weakens substantially, it just means something positive on the war front to offset US dollar safe given flows,” he told Bernama.

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

The domestic unit strengthened against the yen to 3.5989/6023 from 3.6102/6135 at the close on Thursday and was higher against the British pound at 5.4799/4845 from 5.5134/5180 yesterday.

It rose against the Singapore dollar to 3.0794/0822 from Thursday’s 3.0800/0830 and appreciated against the euro to 4.6057/6096 from 4.6230/6269. - Bernama