KUALA LUMPUR (Aug 27): The ringgit retreated from its four-day winning streak in early trade as market sentiment turned cautious ahead of the announcement of the new Cabinet line-up expected at 11am today, as well as mild profit taking following recent gains, dealers said.
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At 9am, the local note stood at 4.1995/2040 versus the greenback, compared with yesterday’s close at 4.1940/1965.
A dealer said investors were reluctant to take any major position and would be closely monitoring the announcement of the new Cabinet line-up, especially the finance minister’s post — a crucial ministerial post that would influence the country’s economic landscape in the future.
It was reported that Prime Minister Datuk Seri Ismail Sabri Yaakob would keep the post to himself.
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Meanwhile, the ringgit was traded mostly higher against a basket of major currencies.
It rose against the Singapore dollar to 3.0993/1030 from 3.0998/1021 yesterday, strengthened versus the British pound to 5.7458/7519 from 5.7659/7693 and increased against the euro to 4.9327/9380 from 4.9376/9405.
However, the local note depreciated vis-a-vis the Japanese yen to 3.8153/8197, compared with yesterday’s close at 3.8075/8102.-BERNAMA