Ringgit firmer against US dollar in early trade

KUALA LUMPUR: The ringgit was firmer against the US dollar in early trade today on the back of weak sentiment for the safe-haven currency after the US Federal Reserve (Fed) raised interest rates amid the release of disappointing inflation data, dealers said.
At 9am, the local unit stood at 4.0690/0720 from 4.0850/0880 recorded at yesterday close.
The US Fed increased the main overnight benchmark interest rate for the third time this year, by 0.25% to a range of 1.25% and 1.50% as was expected by markets.
The central bank has projected higher interest rates outlook in the coming years with three more hikes each in 2018 and 2019.
On the local front, a dealer said the improving global oil prices would continue drive the local unit higher today.
Meanwhile, the ringgit was traded easier against a basket of major currencies.
It fell against the Singapore dollar to 3.0217/0248 from 3.0190/0219 on Wednesday and declined versus the yen to 3.6089/6125 from 3.6017/6053 yesterday.
The local note also weakened vis-a-vis the British pound to 5.4606/4663 from Wednesday's 5.4518/4579 and depreciated against the euro to 4.8173/8212 from 4.7991/8038 yesterday. — Bernama