tags - Sinar Daily

The ringgit opened higher against the US dollar on Tuesday amid a weakening greenback against major currencies.

The ringgit rose against the US dollar in the early session today as the United States Federal Reserve officials continued their hawkish stance, favouring another 25 to 75 basis points interest rate hike in the near term.

The ringgit continued to slide against the US dollar in the early session today as the local currency remained in an overbought position ahead of an expected rise in US interest rates in May, said an analyst.

The ringgit opened higher against a weaker US dollar on Thursday, following the release of the United States (US) inflation data, said an analyst.

The ringgit retreated from two consecutive days of gains to open lower against the US dollar on Thursday, amidst softening data points, said an economist.

The ringgit is likely to trade on a bullish bias next week, below the RM4.40 level within the 4.3925-4.4175 range against the US dollar, said an analyst.

The ringgit is likely to remain within a tight range against the US dollar next week ahead of Bank Negara Malaysia’s annual report on March 29, said an economist.

The ringgit was traded slightly lower against the US dollar in the early session today as some investors took advantage of the weaker greenback, dealers said.

At 9.20am, the local note rose to 4.4370/4405 versus the greenback compared with yesterday’s closing rate of 4.4530/4580.

The ringgit maintained its positive momentum against the US dollar in early trade today, as continued global uncertainties prompted more investors to shift towards emerging currencies, including the ringgit, a dealer said.