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Ringgit opens flat against US dollar

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Kuala Lumpur
– The ringgit took a breather from yesterday’s rally to open flat against the US dollar this morning with support for the local note remaining positive, dealers said.

At 9 am, the local unit opened at Tuesday’s closing level of 4.0650/0680 against the greenback.

A dealer said support for the local currency would remain positive as the US dollar edged down on the possibility of a US government shutdown, if lawmakers fail to reach a budget accord this week as government funding was set to expire on Friday.

“Positive sentiment brought about by strong economic forecast on the back of strong exports for Malaysia, firm crude oil prices as well as expectation of an overnight policy rate rise in January next year would continue to lend support for the ringgit,” he added.

Against a basket of major currencies, the local note was traded higher except versus the Japanese yen..

The ringgit rose against the Singapore dollar to 3.0154/0183 from 3.0178/0205 yesterday and improved against the euro to 4.8048/8096 from 4.8174/8226 on Tuesday.

It increased against the British pound to 5.4544/4597 from 5.4564/4621 yesterday but slipped against the yen to 3.6153/6183 from Tuesday’s 3.6124/6157 .– Bernama