Ringgit opens higher against US dollar on renewed buying interest

Ringgit opens higher against US dollar on renewed buying interest

At 9am, the local note appreciated to 4.455/459 against the greenback from Monday’s close of 4.4570/4600. ― Picture by Sayuti Zainudin

Tuesday, 09 Aug 2022 10:25 AM MYT

KUALA LUMPUR, Aug 9 — The ringgit opened higher against the US dollar today, rebounding on renewed buying interest, said an analyst.

At 9am, the local note appreciated to 4.455/459 against the greenback from Monday’s close of 4.4570/4600.

However, the analyst noted that the ringgit’s positive performance for the morning session was capped by falling crude oil prices, as the oil benchmark Brent crude declined by 0.41 per cent to US$96.25 per barrel.

He said that the US dollar may strengthen should inflation numbers roar ahead, and in turn, create the expectation that the United States Federal Reserve’s rate hikes may turn aggressive in September.

Meanwhile, the local note was traded mostly higher against a basket of major currencies.

It rose against the Singapore dollar to 3.2301/2333 from Monday’s close of 3.2309/2333, strengthened versus the British pound at 5.3803/3865 from 5.3872/3908 and increased against the euro at 4.5401/5446 from 4.5408/5438, previously.

However, the ringgit had depreciated against the Japanese yen at 3.3027/3069 from 3.3010/3035 yesterday. — Bernama