Ringgit weaker against US dollar

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KUALA LUMPUR (May 23): The ringgit retreated from yesterday’s gains to open slightly weaker against the US dollar today on mild profit taking due to concerns over a possible US interest rate rise, dealers said.

At 9.04 am, the local note was quoted at 3.9710/9750 versus the greenback from yesterday’s close of 3.9655/9685.

A dealer said investors were now looking to the release of the US Federal Reserve minutes from its recent meeting for hints about the next US interest rate hike.