Ringgit appreciates against US dollar in early trade

KUALA LUMPUR: The ringgit appreciated against the US dollar in early trade Friday as the greenback retreated from its recent gains on profit-taking, dealers said.

At 9am, the local unit rose to 4.2240/2270 against the greenback from 4.2300/2330 recorded at 6pm yesterday.

The greenback rallied recently on hopes for another round of interest rates hike and prospects for a tax reform plan proposed by President Donald Trump.
Meanwhile, the ringgit was traded lower against other major currencies.

It weakened against the Singapore dollar to 3.1118/1150 from 3.1076/1109 on Thursday and depreciated against the yen to 3.7523/7560 from 3.7513/7550 yesterday.

The local unit also declined versus the Euro to 4.9793/9841 from 4.9770/9818 and retreated against the British pound to 5.6711/6764 from 5.6564/6621 on Thursday.

The overnight pound received a boost following upbeat Brexit remarks made by the lead negotiator for the European Union and the United Kingdom. — Bernama