KUALA LUMPUR, Aug 21 — The ringgit declined against the US dollar at close today on profit-taking after its recent gains, said an analyst.
At 6pm, the local currency was pegged at 4.1780/1800 against the greenback from 4.1700/1750 on Wednesday’s close.
The market was closed yesterday for Maal Hijrah public holiday.
AxiCorp chief global market strategist Stephen Innes said after a strong week for the ringgit, local traders were on profit-taking mode due to the slightly stronger US dollar versus G10 currencies.
“I don’t think the market will turn bullish on the US dollar but they are much less bearish, which suggests that we are seeing the US dollar trade a bit firmer as traders reduce their overall short US dollar positions,” he told Bernama.
The local unit rose against the Singapore dollar to 3.0528/0553 from 3.0572/0620 on Wednesday and increased against the yen to 3.9561/9583 from 3.9575/9634 previously.
The ringgit strengthened against the euro to 4.9355/9383 from 4.9679/9841 and appreciated against the British pound to 5.5012/5046 from 5.5173/5248 previously. — Bernama
