June 16: Ringgit lower in early trade

 Publish date: Fri, 16 Jun 2017, 03:18 AM

KUALA LUMPUR: The ringgit was weaker against the US dollar in early trade today as the latter rallied after US Federal Reserve announced the interest rate increase.

At 9 am, the local unit stood at 4.2770/2800 against the greenback from 4.2650/2700 on Thursday. FXTM Research Analyst, Lukman Otunuga, said although the US dollar rallied after the statement release and Janet Yellen's speech, the dollar index was still trading near a seven-month low.

"Fixed income traders are clearly unconvinced with the Fed"s hawkishness," he said in a statement.

The Fed wrapped up a two-day meeting on Wednesday and raised the benchmark interest rate for the second time this year. -- Bernama

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