Ringgit opens slightly higher against US dollar

KUALA LUMPUR: The ringgit opened slightly higher against the US dollar in early session today on mild buying interest for the domestic unit.

At 9.04am, the local note stood at 4.4300/4400 against the greenback compared with Tuesday’s closing of 4.4335/4400.

AxiCorp global chief market strategist Stephen Innes said despite a slightly weaker US dollar tone globally, the ringgit is still struggling from the political malaise, oil price volatility and the domestic movement control order (MCO), which continues to hobble any semblance of an economic recovery.

“In the background, Malaysia’s bond investors are starting to fret with the Malaysian Government Securities on the FTSE World Government Bond Index watch list and the upcoming interim review this month,” he said in a note today.

The ringgit traded mixed against other major currencies.

The domestic unit strengthened against the yen to 3.9949/0051 from 4.0174/0185 and rose against the euro to 4.7809/7934 from 4.7967/8007.

Against the Singapore Dollar, the ringgit declined to 3.0566/0646 from 3.0557/0611 and fell against the British pound to 5.2181/2312 from 5.1689/1703.