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Ringgit starts higher against US dollar

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Kuala Lumpur
– The ringgit strengthened against the US dollar this morning on renewed buying interest.

At 9.07am, the ringgit stood at 3.9450/9500 against the greenback from Tuesday’s close 3.9540/9590.

 Oanda Corp Head of Trading for Asia Pacific, Stephen Innes, said with the market’s focus shifting to Bank Negara Malaysia’s policy normalisation, it should favour the ringgit, given the anticipated policy shift at the end of the month.

However, the ringgit traded lower against a basket of major currencies.

It depreciated against the Singapore dollar at 2.9900/9945 from yesterday’s 2.9864/9909 and declined against the Japanese yen at 3.5721/5773 from 3.5715/5770 yesterday.

The ringgit eased against the British pound to 5.4504/4577 from 5.4415/4496 and was lower against the euro at 4.8492/8565 from 4.8369/8446. – Bernama