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Ringgit rebounds in opening against US dollar

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Kuala Lumpur
– The ringgit rebounded from last week’s downtrend to open higher against the US dollar this morning on improved sentiment, as global stock markets showed recovery, dealers said.

At 9am, the ringgit stood at 3.9280/9330 against the greenback from last Friday’s close of 3.9370/9410.

The US dollar snapped recent losses on the back of the stablisation in stock markets, which previously faced a selloff due to rising US interest rate worries.

A dealer said risk appetite for the local currency was also lifted by the positive anticipation of Malaysia’s 2017 full-year gross domestic product (GDP) growth, which is scheduled to be announced on Wednesday.

“Some analysts project the 2017 GDP to grow by 5.8 per cent compared to 4.2 per cent in 2016,” he said.

Against other major currencies, the ringgit traded mixed.

It fell against the Singapore dollar to 2.9612/9656 from 2.9604/9643 last Friday and depreciated against the yen to 3.6139/6195 from 3.6096/6143.

The ringgit, however, rose against the British pound to 5.4332/4409 from 5.4795/4859 and strengthened against the euro to 4.8177/8254 from 4.8279/8344. — Bernama