KUALA LUMPUR (Oct 11): The ringgit opened higher against the US dollar on Monday amidst renewed buying interest.
At 9.04 am, the local note rose to 4.1630/1680 versus the greenback from Friday’s closing of 4.1750/1800.
Kenanga Research said the announcement on the reopening of more social and economic sectors, coupled with the weak United States nonfarm payrolls report may boost the local note to strengthen to near the 4.170-level against the greenback.
“However, moving closer to the end of the week, the ringgit may trade within the 4.175-4.185 range due to the strong US dollar narrative amidst the China-Taiwan tensions, Evergrande’s debt crisis and global inflation concerns,” it said in its weekly outlook on the ringgit today.
At the opening, the ringgit was traded mostly higher against a basket of major currencies.
It rose versus the Japanese yen to 3.7064/7108 against Friday’s 3.7320/7368, improved vis-a-vis the euro to 4.8183/8240 from 4.8292/8350 and appreciated versus the British pound to 5.6779/6847 from 5.6880/6948 previously.
However, the local note had declined against the Singapore dollar to 3.0773/0812 compared with Friday’s closing of 3.0771/0810.-BERNAMA