Ringgit easier against resurgent greenback

KUALA LUMPUR: The ringgit extended earlier losses to close easier against a rejuvenated US dollar today, in tandem with the downtrend in the Asian currencies market, dealers said.

At 6pm, the local unit stood at 4.2220/2250 against the greenback from 4.2160/2190 yesterday.

A dealer said the US dollar appreciated on speculation of the next head of the US Federal Reserve, to replace Janet Yellen next year.

"There were reports saying President Donald Trump was favouring Stanford University economist, John Taylor, who is more hawkish on policy than Yellen. This has sparked positive sentiment for the greenback," he told Bernama.

Meanwhile, the ringgit ended mostly higher against other major currencies except for the Japanese yen, against which the local unit fell to 3.7636/7669 from 3.7629/7666 on Monday.

The ringgit rose against the Singapore dollar to 3.1133/1160 from yesterday's 3.1213/1245, strengthened versus the euro to 4.9642/9686 from 4.9812/9852 and improved vis-a-vis the British pound to 5.5946/5994 from 5.6014/6066 previously. — Bernama