Ringgit Rebounds To Close Higher Versus US Dollar

KUALA LUMPUR, Aug 17 (Bernama) -- The ringgit rebounded to close higher versus the US dollar Thursday on mild buying for the local note, a dealer said. At 6 pm, the local unit was quoted at 4.2940/2970 against the greenback from Wednesday's 4.2970/2000. FXTM Chief Market Strategist Hussein Sayed said the US dollar turned weak, led by increased uncertainty over another US interest rate hike in 2017 and President Donald Trump’s fiscal agenda after he abolished the Manufacturing Council and Strategy and Policy Forum. “The Federal Reserve minutes showed policymakers were increasingly worried over soft inflation that could delay the timing for another US rate hike,” he said. Meanwhile, the ringgit ended mixed against other major currencies. It fell against the Singapore dollar to 3.1430/1464 from 3.1420/1447 on Wednesday and depreciated versus the yen to 3.8997/8032 from 3.8761/8795 Wednesday. The local unit increased versus the euro to 5.0261/0305 from 5.0369/0422 and strengthened against the British pound to 5.5311/5354 from 5.5358/5410 on Wednesday. -- BERNAMA