KUALA LUMPUR (May 24): The ringgit opened almost flat against the US dollar today as a lack of market moving news resulted in most investors remaining on the sidelines, a dealer said.
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At 9.05am, the local currency was traded at 4.1390/1450 against the US dollar from last Friday’s close at 4.1390/1430.
Kenanga Research said the local currency is expected to trade in a volatile range of between 4.116 and 4.158 level this week amid the announcement of tighter movement control order (MCO 3.0) measures from tomorrow.
“Despite the prospect of a weaker greenback, a worsening domestic Covid-19 situation and oil market uncertainty may cause investors to shy away from the local forex (foreign exchange) market.
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“However, expectations of continued strong Malaysian trade performance should help support the ringgit,” it said in a research note today.
Meanwhile, the local note was traded higher against other major currencies.
The ringgit rose against the Singapore dollar to 3.1076/1123 from last Friday’s close at 3.1099/1141, and strengthened vis-a-vis the British pound to 5.8538/8639 from 5.8832/8897 previously.
The local currency went up against the euro to 5.0409/0499 from 5.0595/0656 last Friday, and appreciated against the yen to 3.7983/8041 from 3.8074/8118 at last Friday’s close.-BERNAMA