Ringgit Opens Higher Against US Dollar

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KUALA LUMPUR, April 6 – The ringgit recovered from Tuesday’s loss to open higher against the US dollar today on better demand for the local note as the outlook for a US interest rates hike remained clouded and amid higher oil prices. At 9 am, the ringgit was up at 3.9210/9260 against the greenback from the 3.9215/9275 recorded at yesterday’s close.

The global benchmark for oil, Brent Crude, was up 35 cents at US$38.04 a barrel after hitting a one-month low at US$37.27 a barrel. A dealer said the US Federal Reserve’s cautious stance on raising interest rate due to the world’s largest economy’s poor economic data, has helped boost emerging Asian currencies, including the ringgit.

Against a basket of other currencies, the ringgit traded mostly lower. It weakened against the Singapore dollar to 2.8918/8972 from 2.8900/8966 and fell against the Japanese yen to 3.5539/5600 from 3.5485/5549 yesterday. The local note depreciated to 4.4621/4694 from 4.4568/4652, but rose against the British pound to 5.5474/5561 from 5.5795/5904.

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