Selangor Journal

Ringgit snaps 4-day winning streak vs US dollar

KUALA LUMPUR, Aug 27 — The ringgit retreated from its four-day winning streak in the early trade as the market sentiment turned cautious ahead of the announcement of the new Cabinet line-up expected at 11am today, as well as mild profit-taking following the recent gains, dealers said.

At 9am, the local note stood at 4.1995/2040 versus the greenback, compared with Thursday’s close of 4.1940/1965.

A dealer said investors were reluctant to take any major position and would be closely monitoring the announcement of the new Cabinet line-up, especially the Finance Minister’s post — a crucial ministerial post that would influence the country’s economic landscape in the future.

It was reported that Prime Minister Datuk Seri Ismail Sabri Yaakob would keep the post to himself.

Meanwhile, the ringgit was traded mostly higher against a basket of major currencies.

It rose against the Singapore dollar to 3.0993/1030 from 3.0998/1021 on Thursday, strengthened versus the British pound to 5.7458/7519 from 5.7659/7693 previously, and increased against the euro to 4.9327/9380 from 4.9376/9405 yesterday.

However, the local note depreciated vis-a-vis the Japanese yen to 3.8153/8197 compared with Thursday’s close of 3.8075/8102.

— Bernama

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