KUALA LUMPUR – The ringgit opened higher against the US dollar today on renewed buying interest amid China’s risk sentiment and the United States (US) economic data due out ahead of the week, said an analyst.
At 9 am, the local note rose to 4.3730/3755 versus the greenback from Friday’s close of 4.3775/3800.
SPI Asset Management managing partner Stephen Innes said it is a very important week packed with the US economic data that would expound on the Federal Reserve’s (Fed) near-term growth and labour market outlook heading into the June 15 Federal Open Market Committee meeting.
“So, I think traders will pay attention as any weakness in the data reduces the chance for the Fed to hike rates aggressively and could slightly weaken the US dollar,” he told Bernama.
He also expects the ringgit to be confined to a tight range and the Asian forex exchanges to remain in a wait-and-see mode.
Meanwhile, the ringgit was traded mixed against a basket of major currencies.
The local note rose against the Singapore dollar to 3.1959/1980 from Friday’s close of 3.1962/1982 and climbed vis-a-vis the Japanese yen to 3.4409/4431 from 3.4450/4472.
However, the ringgit slid versus the British pound to 5.5222/5254 from 5.5170/5201 and shed versus the euro to 4.6922/6949 from 4.6905/6932. – BERNAMA / pic by MUHD AMIN NAHARUL