KUALA LUMPUR, Jan 20 — The ringgit retreated from gains it made last week to open slightly lower against the US dollar today on mild profit-taking activities as investors' shifted interest towards safe-haven currencies, dealers said.
At 9.40am, the ringgit was down at 4.0550/0600 against the greenback compared to 4.0520/0560 at Friday's close.
A dealer said that the greenback was in favour today, rising against most of the currencies as economic data pointed to a stronger US economy, thus reducing the likelihood of interest rate cuts by the Fed.
Overall, the ringgit was traded mostly higher against other major currencies.
It went up against the Singapore dollar to 3.0102/0143 from 3.0108/0149 at Friday’s close, but depreciated against the Japanese yen to 3.6807/6855 versus 3.6776/6816 last week.
The local currency also rose against the euro to 4.4994/5054 compared to 4.5083/5139 and strengthen against the British pound to 5.2723/2796 from 5.2895/2963 previously. — Bernama
