Ringgit opens flat as investors stay on the sidelines

KUALA LUMPUR: The ringgit opened almost flat against the US dollar today as a lack of market moving news resulted in most investors remaining on the sidelines, said a dealer.

At 9.10 am, the local currency traded at 4.1455/1475 versus the greenback from 4.1450/1475 at yesterday's close.

The dealer said the local currency is expected to trade within the volatile range of between the 4.13 and 4.15 level this week prior to the tabling of Budget 2022 on Oct 29, 2021.

"A slight uptick of 5,726 Malaysia’s COVID-19 new cases recorded in the past 24 hours and declining oil prices may cause investors to shy away from the local forex market,” he told Bernama.

As at time of writing, the benchmark Brent crude oil prices stood at US$86.22 per barrel, falling 0.21 per cent.

However, the local note was traded higher against a basket of major currencies.

It rose against the Singapore dollar to 3.0778/0798 from 3.0779/0800 on Tuesday and appreciated vis-a-vis the British pound to 5.7079/7107 from 5.7172/7206.

The local currency improved versus the Japanese yen to 3.6313/6331 from 3.6353/6378 yesterday and increased against the euro to 4.8096/8119 from 4.8148/8177. - Bernama

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