Ringgit opens higher against US dollar

KUALA LUMPUR: The ringgit rebounded to open higher against the US dollar today on renewed buying interest for the local unit, said a dealer.

At 9.15am, the local currency was quoted at 4.1560/1610 against the greenback from 4.1630/1680 last Friday.

The market was closed on Monday for the National Day celebrations.

The dealer said the greenback’s weak performance was attributed to a comment made by Federal Reserve chairman Jerome Powell last week.

He revealed a new approach to setting the US monetary policy, letting inflation and employment run higher in a shift that will likely keep interest rates low for years to come.

Meanwhile, the ringgit was traded mixed against other major currencies.

It went up against the Singapore dollar to 3.0559/0607 from last Friday’s 3.0581/0629 and was higher against the yen at 3.9282/9340 from 3.9393/9444 previously.

The ringgit depreciated against the British pound to 5.5566/5637 from 5.5251/5322 last Friday and rose against the euro to 4.9660/9736 from 4.9486/9562.