Malaysian Ringgit Opens Higher Against US Dollar On Rising Risk Appetite

KUALA LUMPUR, Oct 6 (Bernama) -- Malaysian ringgit strengthened in early trade against the US dollar Tuesday as risk appetite rises, triggered by the diminishing US presidential election uncertainty and optimism around a US fiscal stimulus. At 9 am, the local currency was traded at 4.1460/1510 versus the greenback compared with 4.1500/1550 at Monday's closing. AxiCorp chief global market strategist Stephen Innes said the US dollar weakness in 2021 remains a slightly blemished consensus, but it is going to take a policy shocker to shake the market off the US dollar bearish axis. Ambank Investment Bank, in a note, expected the ringgit to trade between its support level of 4.1291 and 4.1390, while resistance level is pinned at between 4.1654 and 4.1773. Meanwhile, the ringgit was mixed against other major currencies. It weakened against the Singapore dollar to 3.0503/0549 from 3.0497/0528 on Monday, fell against the euro to 4.8881/8944 from 4.8741/8780 and slipped against the British pound to 5.3865/3934 from 5.3804/3847. But, the local currency was slightly better versus the yen at 3.39228/9286 from 3.9380/9413 previously. -- BERNAMA