KUALA LUMPUR (Aug 11): The ringgit opened higher against the US dollar on Thursday (Aug 11), buoyed by rising buying interest despite falling crude oil prices, said an analyst.
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At 9am, the local currency had appreciated to 4.4410/4440, versus the greenback from Wednesday’s close at 4.4545/4570.
The analyst said the ringgit is expected to rebound against the US dollar, when Malaysia’s macro fundamentals improve by year end.
The rebound will also be backed by the inversion of the interest rate gap between Bank Negara Malaysia and the US Federal Reserve, substantial downward pressure on geopolitical conflicts, and improving confidence.
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Meanwhile, the ringgit was traded lower against a basket of major currencies
It fell against the Singapore dollar to 3.2392/2419, from 3.2333/2356 at Wednesday’s close, and depreciated versus the pound to 5.4216/4252 from 5.3828/3858 previously.
The local currency also fell vis-a-vis the yen to 3.3446/3471 from 3.3004/3025 on Wednesday, and weakened against the euro at 4.5733/5764 from 4.5547/5573.-BERNAMA