Ringgit opens unchanged against US dollar

Ringgit opens unchanged against US dollar

KUALA LUMPUR,. The ringgit opened unchanged against the US dollar today due to mixed sentiment that supported the greenback, a dealer said.

At 9.02am, the local currency remained unchanged at 4.1200/1225 against the greenback.

ActivTrades trader Dyogenes Rodrigues Diniz said investors were seen selling their dollars to buy stocks as they were confident of fast recovery in the US and the forward guidance from the federal government, which repeatedly stated that it will not increase interest rates until 2023.

“The US dollar has been losing ground against the ringgit since the release of the US Job Openings and Labour Turnover Survey (JOLTS), which registered a much higher number than expected and the highest level since 2001,” he said.

According to reports, the JOLTS data showed 9.3 million openings for April, higher than the expected 8.2 million.

Diniz noted that investors will also pay attention to Malaysia’s unemployment rate data due to be released today.

“A lower than expected number could bring more strength to the ringgit in the coming days,” he added.

At the opening, the local note was traded lower against a basket of major currencies.

Against the Singapore dollar, the ringgit eased to 3.1120/1144 from Tuesday’s close of 3.1108/1132 and slipped against the yen to 3.7643/7666 from 3.7608/7635.

The local unit weakened slightly vis-a-vis the euro to 5.0157/0187 from 5.0149/0179 and declined against the British pound to 5.8331/8366 from 5.8236/8272. — Bernama



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