Ringgit opens higher against US dollar

KUALA LUMPUR: The ringgit maintained its uptrend to open higher against the US dollar today, benefiting from a weakening greenback as more investors shift towards emerging currencies, including the local note.

As at 9.15am, the local currency stood at 4.2480/2510 against the US dollar from 4.2500/2560 at 6pm yesterday.

A dealer said that investors are cautious over the greenback ahead of the US Federal Reserve’s monetary policy decision this week.

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

Against the Singapore dollar, the ringgit slipped to 3.0807/0840 from 3.0790/0838 yesterday and it decreased versus the Japanese yen to 4.0388/0428 from 4.0372/0441 on Tuesday.

The local note depreciated against the British pound to 5.4905/4948 from 5.4702/4796 but strengthened vis-a-vis the euro to 4.9791/9830 from 4.9840/9927 previously.