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.
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.
“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