Ringgit weakens against US dollar in early session

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KUALA LUMPUR (April 25): The ringgit was lower against the US dollar in early trade today on weaker demand for the local note, following the release of favourable economic data in the United States.

At 9.07 am, the local unit traded at  4.1350/1380 against the greenback from 4.1250/1300 at the close yesterday.

A dealer said investors shifted towards the greenback after the data on sales of new US single-family homes jumped to a near one and a half year high in March.

“This data helped reduce worries of a slowdown in the United States’ economy, thus providing a boost for the US dollar,” he added.

Meanwhile, the ringgit traded mixed against a basket of major currencies.

It rose against the Singapore dollar to 3.0346/0380 from 3.0351/0392 and improved against the euro to 4.6114/6151 from 4.6254/6326 on Wednesday.

The ringgit fell against the Japanese yen to 3.6874/6910 from 3.6870/6921 and depreciated against the British pound to 5.3366/3409 from 5.3365/3446. - Bernama