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

   

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