Ringgit extends gains to open higher against US dollar

KUALA LUMPUR: The ringgit extended yesterday’s gains to open higher against the US dollar today due to emerging demand for riskier currencies, including the local note, on the back of a weakened greenback.

As at 9.05am, the local currency stood at 4.2450/2500 against the dollar compared with 4.2500/2550 at 6pm yesterday.

A dealer said that investors were waiting on the US Federal Reserve monetary policy decision which is scheduled to be announced on July 30.

Meanwhile, the ringgit was traded mostly lower against other benchmark currencies.

It fell against the Singapore dollar to 3.0819/0860 from 3.0808/0851 recorded on Monday but increased versus the Japanese yen to 4.0290/0342 from 4.0346/0397.

The local unit depreciated against the British pound to 5.4710/4778 from 5.4587/4668 and weakened vis-a-vis the euro at 4.9934/5.0010 from 4.9746/9822 previously.