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Ringgit Rebounds Against US Dollar At Open

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KUALA LUMPUR – The ringgit rebounded in early trade, on improved market sentiment, dealers said.

At 9.12 am, the local unit was quoted at 4.2370/2420 to the greenback from 4.2480/2560 yesterday.

A dealer said the local note was lifted by the US decision to delay its September interest rate hike following the unsteady economy.

The President of Federal Reserve Bank of New York and Vice-Chairman of the Federal Open Market Committee William C. Dudley was reported as saying that the September rate hike seemed less compelling despite the positive data in July
which rose two per cent.

The ‘short-term’ market volatility did not have significant implication for the US recovery,” he said.

Meanwhile, the ringgit traded higher against a basket of major currencies.

It rose against the Singapore dollar to 3.0185/0240 from 3.0310/0372 on Wednesday and was higher versus the yen at 3.5297/5344 from 3.5548/5627.

It appreciated against the pound sterling at 6.6510/5709 from 6.6600/6743 6.7095/7253 and strengthened against the euro to 4.8014/8079 from 4.8733/8838. – Bernama

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