KUALA LUMPUR, March 22 — The ringgit erased yesterday’s gains to open lower, in early trade, on mild selling pressure against the backdrop of more dovish-than-expected monetary policy from the US Federal Reserve, a dealer said.
At 9am, the local note was traded at 4.4290/4330 against the greenback from yesterday’s close of 4.4230/4280.
He said the local note retreated as investors were still looking for some market driven catalyst after last week’s gains.
Uncertainties such as the French presidential election and European Central Bank policy meeting next month have also dented market sentiment.
The ringgit, meanwhile, was traded lower, except against the Singapore dollar.
It rose against the Singapore dollar to 3.1586/1626 from 3.1643/1696 yesterday but fell againt the British pound to 5.5269/5337 from 5.5097/5177 yesterday.
It eased against the euro to 4.7833/7881 from yesterday’s close of 4.7729/7796 and dipped against the yen to 3.9669/9708 from 3.9277/9332 yesterday. — Bernama
