Ringgit improves against US dollar at opening

KUALA LUMPUR: The ringgit opened higher against the US dollar after the greenback traded on a see-saw trajectory following renewed stimulus hopes in the US.

At 9am, the local currency was traded at 4.1510/1560 versus the greenback compared with 4.1550/1600 at yesterday’s closing.

President Donald Trump tweeted yesterday that he is ready to sign a stand-alone bill for stimulus cheques of US$1,200.

Ambank Research noted that the ringgit is expected to trade between its support levels of between 4.1378 and 4.1443, while, resistance is pinned at between 4.1691 and 4.1779.

Meanwhile, AxiCorp chief global market strategist Stephen Innes said traders are monitoring the market following the resurgence of Covid-19 cases, which has prompted some tightening of current social mobility rules around safer health practises.

“We could see another lacklustre session with the Golden Week holiday in China and quiet trading in general as traders sit on their hands and watch the US presidential election chaos unfold,” he said.

The ringgit rose against the Singapore dollar to 3.0531/0579 from yesterday’s close of 3.0567/0608, improved against the euro to 4.8832/8904 from 4.8854/8930 yesterday, and appreciated versus the yen to 3.9142/9193 from 3.9161/9219 previously.

However, the local unit fell against the British pound to 5.3631/3700 from 5.3529/3610.