Ringgit rebounds to open higher against US dollar

KUALA LUMPUR: The ringgit rebounded to open higher against the US dollar today on a technical correction after three consecutive days of losses.

At 9.00am, the ringgit stood at 3.9020/9060 against the greenback from Thursday's close of 3.9150/9190.

OANDA Corp Head of Trading for Asia Pacific, Stephen Innes said the ringgit was supported by higher oil prices, but the market remained cautious, amid uncertainty in the direction of the local unit against the greenback.

"The US dollar/ringgit landscape is a bit muddled, and this air of uncertainty could extend, more so if opinion on the soft dollar narrative become less reliable. Rising US interest rates and the markets growing sensitivity to local economic data presents some near-term challenges for the ringgit," he said.

Against a basket of major currencies, the ringgit traded mixed.

It rose against the Singapore dollar to 2.9579/9620 from 2.9592/9629 on Thursday, but weakened against the Japanese yen to 3.6488/6535 from 3.6476/6517.

The ringgit depreciated versus the British pound to 5.4421/4493 from 5.4368/4439, but firmed vis-a-vis the euro to 4.8077/8141 from 4.8123/8188. — Bernama