Ringgit snaps losses to open higher against US dollar

Ringgit snaps losses to open higher against US dollar

KUALA LUMPUR,. The ringgit snapped its three-day losing streak to open higher against the US dollar this morning amid rising oil prices, a dealer said.

At 9am, the local currency stood at 4.1380/1420 against 4.1390/1430 recorded at 6pm yesterday.

A dealer said sentiment in the market was positive after the US Federal Reserve raised interest rates by 25 basis points to 2.25 per cent, its third such hike for this year.

“The policymakers left intact plans to steadily tighten monetary policy and anticipating the economy will enjoy at least three more years of growth. This sparked fresh appetite in the forex market,” he said.

Meanwhile, the ringgit traded mixed versus other major currencies.

It rose against the Singapore dollar to 3.0308/0340 from 3.0320/0354 yesterday and strengthened against the euro to 4.8638/8689 from 4.8695/8747.

The ringgit, however, depreciated vis-a-vis the yen to 3.6668/6707 from yesterday’s 3.6648/6699 and weakened against the British pound to 5.4518/4596 from 5.4486/4543. — Bernama