Ringgit continues uptrend against US dollar

KUALA LUMPUR: The ringgit opened higher against the US dollar again this morning as the greenback remained under pressure after a hawkish stance by the Federal Reserve on interest rate increases.

At 9am, the local note was traded at 4.4230/4270 against the greenback from Monday's close of 4.4250/4280.

Chicago Federal Reserve President, Charles Evans, reinforced the perception and said that the US central bank won't accelerate the pace of its interest rate, which has dampened the dollar and resulted in investors shifting to other emerging currencies, including the ringgit.

A dealer said the ringgit's performance was in line with other Asian currencies which rose on the back of the greenback's weakness.

The ringgit, meanwhile, was traded lower against other major currencies.

It eased against the Singapore dollar to 3.1663/1703 from 3.1639/1672 on Monday. The local note rose againt the British pound to 5.4735/4811 from 5.4919/4965 yesterday.

It fell against the euro to 4.7605/7652 from Monday's close of 4.7591/7628, and it was lower against the yen at 3.9358/9407 from 3.9215/9259 on Monday. — Bernama