Ringgit rebounds to open slightly higher against greenback

ringgit-dollar

KUALA LUMPUR: The ringgit rebounded from yesterday’s close to open slightly higher today on renewed buying interest in emerging currencies, dealers said.

At 9.01am, the local unit was quoted at 3.9960/4.0010 against the greenback from yesterday’s close of 4.0100/0180.

A dealer said the local note is expected to be stronger in the short-term after the Federal Open Market Committee’s upbeat statement bolstered expectations of a probable US interest rate rise by this year.

He said better crude oil prices would also drive upward the ringgit’s movement.

Against other major currencies, the ringgit was traded mostly higher.

The ringgit strengthened against the Singapore dollar to 2.9781/9829 from Wednesday’s 2.9819/9898, but depreciated against the yen to 3.9968/4.038 from 3.9794/9885.

It advanced against the euro to 4.5139/5207 from 4.5177/5283 and strengthened against the British pound to 5.2152/2233 from 5.2286/2403.