Ringgit ends easier against US dollar on profit taking

KUALA LUMPUR, Monday – The ringgit closed easier against the US dollar today on profit taking after last week’s rally, dealers said.

At 5 pm, the local unit stood at 4.1360/1450 against the rejuvenated greenback from 4.1310/1400 at last Friday’s closing.

The ringgit, which has slid 16 per cent to date this year, rallied to a seven-week high of 4.1310/1400 on Friday on the back of improved sentiment.

“Players opted to lock in profits following the ringgit’s recent seven per cent surge,” said a dealer.

He added that the current sentiment was positive for the ringgit as regional currencies remained on the uptrend amid a weakened greenback.

Meanwhile, another dealer said it could be a purely technical play for the ringgit this week, in remaining bullish over the short-term.

“As long as the 4.20 resistance level holds, the psychological level of 4.0 could be tested this week,” said another dealer.

The ringgit, which ended broadly higher against other major currencies last week, was also ended lower against other major currencies today.

It fell marginally against the Singapore dollar to 2.9594/9675 from 2.9587/9656 last Friday, and depreciated against the yen to 3.4415/4501 from 3.4356/4445.

The local note eased against the British pound to 6.3471/3626 from 6.3448/3595 and fell against the Euro to 4.7064/7174 from 4.6775/6886. – Bernama

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