Malaysian Ringgit Depreciates Against US Dollar In Early Trade

KUALA LUMPUR, Oct 2 (Bernama) – The Malaysian ringgit fell against the US dollar on the first trading day of the final quarter of the year on lack of interest for the local currency as sentiment turned positive for the greenback a dealer said. At 9 am, the local traded at 4.2280/2310 against the greenback from 4.2190/2220 recorded at 6 pm onFriday. FXTM Reserach Analyst Lukman Otunuga said comments by US Federal Reserves officials and renewed optimism over Donald Trump’s tax reforms have stimulated buying sentiment for the dollar. “Dollar bulls were revitalised this week after Janet Yellen emphasised the need for gradual rate hikes. Trump’s tax reform blueprint, which he described will be the largest tax cut in the history of US, also boosted sentiment towards the US economy,” the dealer added. Lukman also said that with the US economic growth for the second quarter revised higher to 3.1 per cent, the ingredients to raise US interest rates in December were falling into place. Meanwhile, the ringgit was traded mixed against other major currencies. It dropped against the Singapore dollar to 3.1086/1115 from 3.1063/1097 on Friday,edged up against the British pound to 5.5641/6598 from Friday's 5.6425/6482 and appreciated against the yen to 3.7466/7502 from 3.7499/7532. The local currency eased against the euro to 4.9840/9892 from 4.9788/9828 on Friday. -- BERNAMA