Ringgit opens higher against US dollar

Ringgit opens higher against US dollar

KUALA LUMPUR : The ringgit maintained its upward momentum against the US dollar at the opening today on continued buying interest, supported by steadier oil prices, said a dealer.

At 9.08am, the local note traded marginally higher at 4.0340/0380 against the greenback from yesterday’s close of 4.0370/0420.

Axi chief global market strategist Stephen Innes said the ringgit as will all oil sensitive currencies should trade favourable on the infrastructure commodity boosting element of the US stimulus package despite fears over the domestic growth outlook due to the resurgence cases of Covid-19.Advertisement

“Also, China’s steady economic rebound resonates well for key regional trading patterns if Malaysia were to stand out,” he told Bernama.

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

It strengthened against the Singapore dollar to 3.0436/0478 from 3.0466/0513 at yesterday’s close but fell against the yen to 3.8886/8928 from 3.8821/8880.

The local unit depreciated vis-a-vis the pound to 5.5197/5268 from 5.5105/5189 yesterday but firmed against the euro to 4.9017/9082 from 4.9106/9183. -Bernama