Ringgit opens higher on improving sentiment

KUALA LUMPUR: The ringgit opened higher against the US dollar today on improving sentiments towards the currency, coupled with rising oil prices, a dealer said.

At 9.03 am, the local note rose to 4.1850/1900 versus the greenback from Friday's close of 4.1865/1890.

A dealer said the sentiment was also supported by the tabling of the much-awaited 12th Malaysia Plan 2021-2025 (12MP) at the Parliament today, which is set to address issues such as welfare, income gap, social security and ongoing projects.

Minister in the Prime Minister's Department (Economy) Datuk Seri Mustapa Mohamed said the prolonged pandemic crisis has transformed the government’s spending pattern, which is now more focused on post-pandemic developments for the next five years.

"On external development, the United States Federal Reserve’s stance makes investors bullish -- the risk-on sentiment could weigh on the greenback, but will also help to lift the ringgit higher," he said.

At the time of writing, the benchmark Brent crude oil price rose 1.52 per cent to US$79.28 per barrel.

Meanwhile, the local note was traded firm against a basket of major currencies.

The ringgit rose 3.0945/0987 against the Singapore dollar compared with 3.0981/1004 at Friday's close and appreciated vis-a-vis the euro to 4.9031/9090 from 4.9120/9150 previously.

It strengthened against the Japanese yen to 3.7795/7843 from 3.7925/7951 and improved against the British pound to 5.7201/7269 from 5.7359/7393 previously. - Bernama
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Ringgit , Open , US dollar , US Fed , Brent crude oil


Next In Business News

Deloitte: Govt may consider extending HOC campaign to the secondary markets
Profit taking weighs on Bursa Malaysia
OCBC Bank expects Budget 2022 to stay expansionary
Banking at your fingertips made easy via CIMB Clicks
MIER forecasts real GDP growth for 2021 at 4%
MIER expects Malaysia's balance of payments to improve
Bursa Securities suspends Serba Dinamik until further notice
September inflation above forecast, Terengganu highest in country
Ageson unit partners ShuangLing to undertake RM95.2mil GDV development
China will take steps if FX market fluctuations become too big

Others Also Read