KUALA LUMPUR: 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.
Yesterday the local note closed at a 14th month high of 4.0600.
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.
The local note was slightly lower against the euro to 4.8174/8226 from 4.8123/8191 and slid versus the pound to 5.4564/4621 from 5.4522/4609 yesterday. — Bernama