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Tuesday, September 29th, 2020

Ringgit rebounds against US dollar in early trade

by September 28, 2017 General

New buying interest helps reverse ringgit's three-day losing streak against the US dollar. — Reuters pic New buying interest helps reverse ringgit’s three-day losing streak against the US dollar. — Reuters pic KUALA LUMPUR, Sept 28 — The ringgit snapped its three-day losing streak to open higher against the US dollar today on renewed buying interest in the local unit amid the stronger greenback globally, dealers said.

At 9am, the local unit rose to 4.2170/2200 against the greenback from 4.2200/2230 recorded at 6pm yesterday.

In its Global Research 4Q 2017 report, Standard Chartered Bank said sentiment towards the currency onshore has improved with better US dollar supply dynamics.

It said the ringgit was among the most undervalued emerging market currencies and the overall positioning for the currency among foreign investors remained extremely light.

Against other major currencies, the ringgit was mostly higher except the British pound where it fell to 5.6520/6578 from 5.6518/6576 yesterday.

Against the yen, the local unit appreciated to 3.7365/7398 from 3.7395/7431 yesterday. It rose against the Singapore dollar to 3.1030/1055 from 3.1059/1093 yesterday.

The ringgit strengthened vis-a-vis the euro to 4.9541/9585 from 4.9577/9616 previously. — Bernama