Malaysian Ringgit Lower In Early Trade

KUALA LUMPUR, June 16 (Bernama) -- The Malaysian ringgit was weaker against the US dollar in early trade Friday as the latter rallied after US Federal Reserve (Fed) announced the interest rate increase. At 9 am, the local unit stood at 4.2770/2800 against the greenback from 4.2650/2700 on Thursday. FXTM Research Analyst, Lukman Otunuga, said although the US dollar rallied after the statement release and Janet Yellen’s speech, the dollar index was still trading near a seven-month low. “Fixed income traders are clearly unconvinced with the Fed’s hawkishness,” he said in a statement. The Fed wrapped up a two-day meeting on Wednesday and raised the benchmark interest rate for the second time this year. The ringgit was traded easier against a basket of major currencies except against the Japanese yen. It weakened against the British pound to 5.4617/4673 from 5.4174/4250 yesterday and eased against the euro to 4.7693/7739 from 4.7597/4657 on Thursday. The ringgit fell further against the Singapore dollar to 3.0928/0961 from 3.0861/0908 Thursday. It, however, edged up against the yen to 3.8514/8545 from 3.8847/8903 on Thursday. -- BERNAMA