Malaysia needs to resolve its domestic issues in order to boost investor confidence and this would help stem the decline in the ringgit
KUALA LUMPUR: The ringgit maintained its uptrend against the US dollar Wednesday in opening higher and on the back of continued support for it, dealers said.
At 9.04am, the ringgit was quoted at 3.9650/9750 from 3.9960/9030 at 5.00 pm on Tuesday.
A dealer said the local unit remained the favoured currency among investors in the face of the greenback's decline.
"The decline in the US dollar has pushed investors to buy the ringgit. This is expected to continue as long as the greenback is left on the defensive in being influenced by poor US economic data ," he added.
However, against a basket of other currencies, the ringgit traded lower.
Against the Singapore dollar it fell to 2.9262/9353 from 2.9185/9257 on Tuesday and vis-a-vis the yen, declined to 3.5218/5318 from 3.5133/5204.
Against the British pound, the ringgit weakened to 5.7029/7196 from 5.6939/9059 and was lower at 4.4793/4914 from 4.4675/4770 versus the euro. - Bernama
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