Ringgit continues uptrend, opens sharply higher

KUALA LUMPUR: The ringgit continued its uptrend today to open sharply higher against the US dollar in the early session as investors cut bullish bets on the greenback.

At 9.08 am, the ringgit was quoted at 3.7050/7090 against the US dollar from 3.7100/7150 at close on Thursday.

A dealer said the greenback fell overnight in the wake of Thursdays downgraded interest rate projections from the US Federal Reserve, prompting demand for the local note.

Meanwhile, the ringgit also traded higher against other major currencies.

It rose against the Singapore dollar to 2.7819/7854 from 2.7874/7934 yesterday and appreciated against the yen to 3.0149/0194 from 3.0204/0255.

The ringgit strengthened against the euro to 4.2174/2227 from 4.2235/2295 and improved against the pound to 5.8880/8966 from 5.8952/9050. - Bernama

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