KUALA LUMPUR: The ringgit opened higher against the US dollar in early trade today due to sluggish demand for the greenback after the US Federal Reserve (Fed) held interest rates on hold and signalled it would not be changed anytime soon, said dealers.
At 9 am, the ringgit was traded at 4.1520/1570 against the greenback from 4.1630/1660 at Wednesday’s close.
AxiTrader chief Asia market strategist, Stephen Innes said the Fed’s less hawkish move offered mild disappointment for the dollar bulls.
“The ringgit has opened on a favourable tone on the back of the less hawkish Fed, and firm oil prices supported by the latest OPEC+ agreement,” he told Bernama.
The ringgit was traded mixed against a basket of major currencies.
The local note declined against euro to 4.6237/6309 from 4.6139/6180 and trimmed against the British pound to 5.4835/4906 from 5.4689/4745 at Wednesday’s close.
It improved against the yen at 3.8271/8324 from 3.8298/8333 and better against Singapore dollar to 3.0601/0650 from 3.0613/0639 previously. -Bernama
