Ringgit edges higher against US$ near 4.24 support

KUALA LUMPUR: The ringgit edged up against the US dollar at the opening today due to better demand in the market although the local note continues to trade in cautious mode, a dealer said.

At 9 am, the local note rose to 4.2280/2320 against the greenback from 4.2310/2340 at Monday’s close.

ActivTrades trader Dyogenes Rodrigues Diniz said the US dollar remained somewhat undecided against the ringgit on Tuesday.

"After the broad bullish movement that started on Nov 1, the US dollar appears to be finding it difficult to break through the resistance region near 4.2400.

"US Federal Reserves president Jerome Powell's speech signalled that the tapering process could be accelerated, resulting in the withdrawal of financial stimulus ending sooner than expected. Some analysts are already pricing in a possibility of a 0.75 per cent rise in the US interest rates as early as 2022.

"This factor could strengthen the dollar over the next few months,” he said.

The local note was traded higher vis-a-vis a basket of major currencies.

The ringgit rose against the Singapore dollar to 3.0873/0906 from 3.0899/0925 at Monday's close, strengthened versus the Japanese yen to 3.7254/7293 from 3.7363/7393, and went up against the euro to 4.7688/7733 from 4.7810/7844.

It also appreciated against the British pound to 5.6059/6112 from 5.6095/6134 at Monday's close. - Bernama:

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