RInggit opens higher against US$ as focus turns to growth

KUALA LUMPUR: The ringgit opened marginally higher on Wednesday against the US dollar as traders move away from the US interest rate narrative and turn the focus back to growth differential, a dealer said.

Market confidence was high on the expectation that the US Federal Reserve Board will cut interest rates in July, which would be beneficial for the greenback movement.

At 9 am, the ringgit stood at 4.1360/1390 against the greenback from Tuesday’s close of 4.1370/1400.

The ringgit was mixed against a basket of major currencies.

The local currency strengthened versus the pound to 5.2101/2156 from 5.2209/2255 yesterday and increased against the euro to 4.6708/6758 from 4.6773/6815.

However, the ringgit weakened against the Japanese yen to 3.8432/8470 from 3.8199/8241 and declined against the Singapore dollar to 3.0512/0537 from 3.0509/0542 on Tuesday. – Bernama

Source: TheStar