| FOREX: Ringgit Opens Lower Against US Dollar In Early Trading |
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KUALA LUMPUR, March 31 (Bernama) -- The ringgit opened lower against the US dollar on Wednesday on the back of a stronger greenback, dealers said.
At 9am, the ringgit was traded at 3.2695/2725 against the US dollar from yesterday's 3.2670/2700 close.
A dealer said a mild profit-taking on the ringgit emerged following the local currency's recent gains which hit a 20-month high.
"The US dollar gained on the back of the confidence data showing more stabilisation in their economy. The confidence data backs views that the Federal Reserve will raise rates sooner than Japan or Europe," the dealer said.
The US consumer confidence rebounded in March as optimism about the labour market increased slightly while another report showed that January home prices rose for the eighth straight month.
Against other major currencies, the ringgit was traded mostly higher.
It strengthened against the Singapore dollar to 2.3342/3385 from 2.3349/3392 yesterday and against the Japanese yen to 3.5092/5128 from 3.5330/5374 yesterday.
The ringgit also rose against the euro at 4.3864/3914 from 4.4065/4116 yesterday. It however weakened against the pound sterling to 4.9298/9359 from 4.9211/9263 yesterday.
-- BERNAMA
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