Ringgit rebounds against US$

Ringgit rebounds against US$

KUALA LUMPUR: The ringgit snapped its three-day losing streaks to be higher against the US dollar early Thursday on renewed buying interest in the local unit amid the stronger greenback globally, dealers said.

At 9am(0100gmt), the local unit rose to 4.2170/2200 against the greenback from 4.2200/2230 recorded at 6pm Wednesday.

In its Global Research 4Q 2017 report, Standard Chartered Bank said sentiment towards the currency onshore has improved with better US dollar supply dynamics. It said the ringgit was among the most undervalued emerging market currencies and the overall positioning for the currency among foreign investors remained extremely light.

Against other major currencies, the ringgit was mostly higher except the British pound where it fell to 5.6520/6578 from 5.6518/6576 on Wednesday.

Against the yen, the local unit appreciated to 3.7365/7398 from 3.7395/7431 Wednesday

It rose against the Singapore dollar to 3.1030/1055 from 3.1059/1093 on Wednesday.

The ringgit strengthened vis-a-vis the euro to 4.9541/9585 from 4.9577/9616 previously.