Ringgit opens higher against US dollar

KUALA LUMPUR: The ringgit opened higher against the US dollar on better demand for the local note as traders are optimistic that it will gradually breach the psychological level of 4.0 against the greenback.

At 9.03am, the ringgit was traded at 4.2270/2300 against the US dollar from 4.2300/2330 at 6pm on Wednesday.

ForexTime Ltd Vice-President of Corporate Development and Market Research, Jameel Ahmad, said the ringgit has formed a strong base at the current level and the market had started to project the local note to appreciate back to the level it used to be traded in 2015.

Against a basket of major currencies, the ringgit was traded mostly higher.

Against the yen, the ringgit rose to 3.7072/7105 from 3.7105/7135 yesterday. It improved against the British pound to 5.6084/6132 from 5.6229/6286 on Wednesday.

The ringgit was higher at 4.9177/9229 from 4.9203/9242 when compared with the euro yesterday. It, however, fell against the Singapore dollar to 3.1081/1112 from 3.1080/1116 yesterday. — Bernama