Ringgit continues upward momentum against US dollar

The ringgit opens higher against the US dollar today as investors wait for clearer information on US interest rate cuts.

KUALA LUMPUR: The ringgit continued its upward momentum to open higher against the US dollar today, driven by investors’ shift towards emerging currencies, including the ringgit, due to persistent doubts over the global economic outlook, said a dealer.

At 9.15am, the local note stood at 4.1090/1120 versus the greenback compared with yesterday’s close of 4.1140/1170.

He said investors remained on the sidelines, awaiting a clearer signal from the US Federal Reserve on possible US interest rate cuts as well as the release of US inflation data later today.

The local note also traded higher against a basket of major currencies.

It rose against the pound to 5.1494/1548 from 5.1565/1619 on Friday and strengthened versus the Singapore dollar to 3.0251/0278 from 3.0339/0373.

The ringgit also appreciated against the euro to 4.6267/6305 from 4.6348/6390 and went up against the Japanese yen to 3.7895/7934 from 3.8029/8060 previously.