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Ringgit Opens Higher Against US Dollar

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KUALA LUMPUR – The ringgit continued last week uptrend momentum to open higher against the US dollar supported by buying interest for the local note, a dealer said.

At 9 am, the ringgit was quoted at 4.3060/3150 against the greenback from 4.3150/3200 last Friday.

The dealer said Bank Negara’s decision to keep the overnight policy rate at 3.25 per cent helped spur positive sentiment in the local market.

He also said the uncertainty of an interest rate hike in the United Statescoupled with disappointing Chinese data, released over the weekend, shifted investors demand towards the local currency.

Meanwhile, the ringgit was traded mixed against other major currencies.

It rose against the yen to 3.5681/5771 from Friday’s 3.5812/5868 and appreciated versus the British pound to 6.6549/6706 from 6.6576/6679.

The local unit, however, fell against the Singapore dollar to 3.0565/0646 from 3.0510/0569 on Friday and weakened vis-a-vis the euro at 4.8847/8954 from 4.8716/8781 previously. – Bernama

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