Ringgit opens higher against greenback on weak US home sales

KUALA LUMPUR: The ringgit opened higher against the US dollar today as weak economic data from the United States (US) took a toll on the greenback, a dealer said.

At 9.04 am, the local note rose to 4.2260/2285 versus the greenback from Monday's close of 4.2300/2320.

ActivTrades trader Dyogenes Rodrigues Diniz said the new US home sales data came out lower than expected -- a negative factor for the dollar as the market is currently moving sideways.

"This had an impact on the intraday price action, stopping the dollar from continuing to gain ground against the ringgit.

"On Tuesday, all eyes will be on the Consumer Confidence data from the US, which might point to how the American consumer is responding to this inflation scenario," he told Bernama.

Meanwhile, on the home front, the Dewan Rakyat was told on Monday that the government has decided that it will not advise the Yang di-Pertuan Agong to proclaim an extension of the ongoing emergency after its scheduled end on Aug 1.

Minister in the Prime Minister’s Department (Parliament and Law) Datuk Seri Takiyuddin Hassan said the government has also decided to revoke the ordinances that came into force in the current emergency.

The Yang di-Pertuan Agong had declared the state of emergency on Jan 12, which is scheduled to end on Aug 1.

At the opening bell, the local note was traded mixed against a basket of major currencies.

The ringgit strengthened vis-a-vis the euro at 4.9896/9926 from yesterday’s close of 4.9901/9925, and appreciated against the Japanese yen to 3.8335/8357 from 3.8350/8372 previously.

The local unit depreciated against the British pound to 5.8420/8455 from 5.8349/8376, and declined against the Singapore dollar at 3.1122/1142 from 3.1108/1127 previously. - Bernama
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