Ringgit opens higher against US dollar

Ringgit opens higher against US dollar

KUALA LUMPUR,. The ringgit opened higher against the US dollar today with investors looking forward to a positive August Consumer Price Index announcement.

At 9am, the ringgit strengthened to 4.1380/1420 against the greenback from 4.1430/1460 at yesterday’s closing.

FXTM research analyst Lukman Otunuga said the CPI data for August is expected to jump 1.5 per cent, sparking investors’ interest.

However, he said even though the ringgit could edge higher if inflation meets or exceeds expectations, it still remains sensitive to external factors.

“If the improving risk sentiment boosts appetite for emerging market currencies and encourages investors to take profit from the US dollar, the ringgit could edge higher,” he told Bernama.

Meanwhile, the ringgit traded mostly lower against other major currencies.

It depreciated slightly against the Singapore dollar to 3.0193/0229 from 3.0181/0216 yesterday and inched up against the yen to 3.6923/6969 from 3.7170/7204.

It declined against the euro to 4.8373/8428 from 4.8129/8168 and was down against the British pound at 5.4262/4322 from 5.4066/4126. — Bernama