KUALA LUMPUR: The ringgit opened higher against the US dollar this morning on buying interest, as the greenback remains weak on lingering uncertainties over the upcoming US Federal Open Market Committee (FOMC) meeting this month.
At 9am, the local unit was quoted at 4.1870/1900 against the US dollar, from 4.1880/1910 last Friday.
Oanda Head of Trading Asia-Pacific, Stephen Innes, said the ringgit is well positioned, backed by a positive domestic macro-environment, and supported by global growth.
He said even if the FOMC were to push for a December interest rate increase, negative sentiment would not weigh heavily on the ringgit.
Innes added that higher global oil prices are also supporting sentiment for the ringgit.
Against other major currencies, the ringgit was traded mostly higher.
The local note rose against the Singapore dollar to 3.1100/1134 from 3.1128/1614 last Friday, and appreciated vis-a-vis the pound to 5.6851/6909 from 5.6873/6926 previously. It improved marginally versus the yen to 3.7639/7680 from 3.7648/7685, but fell against the euro to 5.0005/0058 from 4.9988/9041 last Friday. — BERNAMA
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