Ringgit Opens Higher Against US Dollar

KUALA LUMPUR, Aug 18 (Bernama) -- The ringgit continued its gains to open higher against the US dollar Tuesday on positive risk sentiment, said a dealer. At 9.05 am, the local currency was traded at 4.1860/1910 from 4.1900/1960 at Monday's close. Speaking to Bernama, AxiCorp chief global market strategist Stephen Innes said the ringgit should trade more favourably as the greenback weakens ahead of the Federal Open Market Committee (FOMC) meeting scheduled tomorrow. Still, traders may hold a defensive posture not willing to test the 4.18 level and expect the ringgit to take its cue from the broader G-10 currencies movement today. “Additionally, oIl prices are trading at five-month highs, which should be favourable for the local unit,” he said. At the time of writing, Brent crude stayed above US$45 per barrel despite slipping 0.09 per cent to US$45.31 per barrel. The local unit declined against the Singapore dollar to 3.0624/0672 from 3.0597/0650 yesterday and depreciated vis-a-vis the yen to 3.9569/9627 from 3.9391/9458 previously. The ringgit fell against the British pound to 5.4966/5036 from 5.4952/5035 and weakened against the euro to 4.9763/9835 from 4.9672/9756. -- BERNAMA