Ringgit continues positive momentum in early trade

ringgit-dollar

KUALA LUMPUR: The ringgit opened higher today on stronger market interest for the local currency, a dealer said.

At 9 am, the local unit was quoted at 4.2580/2620 against the greenback from yesterday’s 4.2610/2640.

FXTM Research Analyst, Lukman Otunuga, said the market was jiittery as four major central banks are meeting this week — the Federal Reserve (Fed), Bank of England, Swiss National Bank and the Bank of Japan.

“The Fed is the only central bank poised to increase rates for the second time this year. Meanwhile, all other central banks will remain on a standstill,” he said in a statement.

The ringgit was better against a basket of major currencies, except against the British pound.

It rose against the Singapore dollar to 3.0822/0862 from 3.0837/0867 and appreciated versus the yen to 3.8692/8735 from 3.8701/8739 yesterday.

The local unit was marginally higher against the euro at 4.7741/7798 from 4.7749/4799. It fell against the British pound to 5.4281/4336 from 5.4153/4200 on Tuesday.