Ringgit rebounds to open slightly higher against US dollar

KUALA LUMPUR: The ringgit opened slightly higher against the US Dollar today as renewed concerns over the upcoming US Federal Reserve’s interest rate decision and US gross domestic product report caused some investors to shift their interest towards emerging currencies, dealers said.

At 9.20am the ringgit was quoted at 4.0780/0830 against the US dollar compared to 4.0840/0870 at yesterday’s close.

A dealer said that investors are going to monitor the data, which is scheduled to be released later today, closely.

The fundamental outlook for the greenback may be bearish if the US Federal Reserve underscores an accommodative bias with the intent on keeping interest rates on hold this year, he said.

Against other major currencies, the ringgit was traded higher.

It went up to 3.0049/0091 from 3.0052/0076 against the Singapore dollar and appreciated vis-a-vis the Japanese yen to 3.7358/7414 versus 3.7526/7557 on Tuesday.

The local currency also rose against the euro to 4.4940/4999 compared with 4.4985/5035 and increased slightly against the British pound to 5.3104/3137 from 5.3210/3258 previously.