Ringgit extends gains to open higher against US dollar

KUALA LUMPUR: The ringgit extended yesterday's gains to continue its strong upward momentum against the US dollar for the fourth consecutive day this week, reflecting the decision by Bank Negara Malaysia to leave key interest rates unchanged.

At 9.05am, the local unit traded 160 basis points better at 4.1890/1920 against the greenback from 4.2050/2080 on Thursday.

The central bank kept the overnight policy rate unchanged at three per cent at its eighth straight meeting, yesterday.

The ringgit, however, was traded mixed against a basket of major currencies.

It rose against the Singapore dollar to 3.0831/0864 from 3.0878/0905 on Thursday and appreciated versus the yen to 3.6960/6996 from 3.7058/7088 yesterday.

Against the British pound, the ringgit decreased to 5.5081/5125 from 5.5060/5112 yesterday and weakened versus the euro to 4.8810/8858 from 4.8782/8830 on Thursday. — Bernama