Ringgit higher against US dollar at opening

KUALA LUMPUR: The ringgit recovered to open higher against the US dollar today on renewed buying interest.

At 9am, the local currency stood at 4.1420/1500 versus the greenback compared with 4.1490/1540 at Wednesday’s close.

Axi chief global market strategist Stephen Innes said China’s total social financing beats, along with a bullish response from the yuan, should see the ringgit strengthen today.

According to the People’s Bank of China, China’s outstanding total social financing is up 13.5% to 280.07 trillion yuan (US$41.6 trillion) in September from a year earlier compared with 13.3% in August.

Innes said a bullish push from higher oil prices after US oil inventories fell more than expected, with Brent crude oil price rising 0.21% to US$43.41 per barrel, also provided room for the local note.

“But safe-haven US dollar demand versus G10 currencies and rising Covid-19 concerns will continue to cloud the viewfinder and could hold the ringgit’s bullish ambitions in check,” he told Bernama.

Meanwhile, the ringgit was traded mostly lower against other major currencies.

It rose against the Singapore dollar to 3.0498/0569 from 3.0564/0605 yesterday, but decreased against the British pound to 5.3933/4041 from 5.3667/3749.

The local currency declined against the euro to 4.8669/8767 from 4.8659/8731 and depreciated versus the yen to 3.9350/9437 from 3.9342/9401.

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