Ringgit opens higher against US Dollar

Ringgit opens higher against US Dollar

KUALA LUMPUR: The ringgit opened firmer against the US dollar today following renewed demand for the local note, a dealer said.

At 9.05am, the local currency was traded at 4.1380/1430 versus the US dollar compared with Thursday’s close of 4.1480/1530.

Axi chief global market strategist Stephen Innes said the ringgit is trading better due to the weaker greenback but still lagging behind regional peers as the country awaits Budget 2021.

The country is in dire need of emergency allocations to boost the economy and fight off the latest COVID-19 surge’s negative impact.

“Still, I would expect the ringgit to trade well, provided risk sentiment holds up,” he told Bernama.

Meanwhile, the ringgit traded mixed against other major currencies at the opening today.

It rose against the Singapore dollar to 3.0607/0662 from yesterday’s close of 3.0626/0672 and strengthened against the euro to 4.8833/8912 from 4.8926/8989.

The local note, however, declined against the British pound to 5.4286/4386 from 5.4115/4197 and fell vis-a-vis the yen at 3.9911/9963 from 3.9789/9841.