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Ringgit opens higher against the US dollar

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Ringgit closes marginally higher against US dollar

The ringgit recovered to open higher against the US dollar this morning on the back of the greenback’s weakness.

At 9 am, the local unit stood at 4.2860/2900 against the greenback from Friday’s close of 4.2910/2940.

A dealer said the ringgit was currently 1.8% below its 200-period moving average and was on an uptrend.

“Volatility is extremely low when compared with the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near-future,” he said.

The ringgit, however, was traded lower against other major currencies.

It declined against the Singapore dollar to 3.1289/1337 from 3.1210/1243 on Friday and eased against the yen to 3.8064/8110 from 3.7886/7926.

The ringgit weakened against the pound to 5.6138/6195 from 5.5624/5667 and depreciated against the euro to 4.9126/9189 from 4.8977/9016 yesterday. – Bernama