The ringgit rose against the US dollar in early session today on the US Federal Reserve decision to raise its interest rates yesterday.
At 9.00am, the local unit was quoted at 4.3115/3185 against the greenback from 4.3200/3300 yesterday.
The local unit was also traded higher against other major currencies at early session today.
It went up against the Singapore dollar to 3.0533/0597 from yesterday’s close of 3.0630/0709 and was higher against the yen at 3.5205/5276 from 3.5424/5518.
However, the ringgit depreciated against the British pound to 6.4578/4700 from yesterday’s close of 6.4882/4045 and strengthened against the euro to 4.6870/6955 from 4.7252/7366.
Reuters reported the People’s Bank of China set its official midpoint rate at 6.4757 per US dollar prior to the market open today, its weakest level since June 2011, and 0.2% weaker than the previous fix of 6.4626.
The sharply weaker yuan midpoint reflected the dollar’s strength in global markets after the Fed raised its policy interest rate overnight, traders said.
The dollar gained against the euro and yen today, rising after the Fed’s decision to hike interest rates for the first time since 2006 lifted risk appetite