Ringgit firmer against US dollar early Monday

Currency traders were reluctant to chase the ringgit on rallies, noting chart resistance around 3.9900 per dollar.

KUALA LUMPUR: The ringgit opened higher against the US dollar on Monday on mild buying interest, dealers said. 

At 9.02 am, the local unit was quoted at 4.0320/0380 to the US dollar from 4.0670/0740 last Friday.

A dealer said demand was driven by favourable external factors due to an anticipation that the Federal Reserve would hike interest rates.

The local unit traded mostly higher against a basket of major currencies.

It rose against the British pound to 5.3364/3459 from 5.3583/3691  on Friday and strengthen against the Singapore dollar to 3.0087/0155 from 3.0108/0169. 

The ringgit depreciated against the yen to 3.9387/9457 from 3.9257/9343  but improved against the euro to 4.5058/5141 from 4.5180/5274. - Bernama