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Ringgit reverses gains on profit-taking

December 5, 2017 11:07 AM
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KUALA LUMPUR, Dec 5 — The ringgit reversed earlier gains to end slightly lower at 4.0650/0680 against the US dollar today on profit-taking but not before touching a new high of 4.0470 earlier in the day, a level last seen on Aug 29, 2016.

Oanda Corp Head of Trading for Asia Pacific Stephen Innes said speculators got into the act which drove the ringgit up by 180 basis points at the height of trading but profit-taking occurred thereafter and drove the US dollar higher," he told Bernama.

The ringgit was also traded lower against a basket of major currencies.

It eased against the Singapore dollar to 3.0178/0205 from 3.0094/0142 on Monday and weakened against the yen to 3.6124/6157 from 3.5958/5009.

Source: themalaymailonline.com

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