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.
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.
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