Ringgit Opens Higher Against US Dollar

The ringgit opened higher against the US dollar today on stronger demand for the local note against the backdrop of a dovish Federal Reserve and better economic data from China.

At 9.04 am, the ringgit was quoted at 3.8750/8830 versus the greenback from Friday's close of 3.8880/8950.

A dealer said emerging Asian currencies, including the ringgit, would likely stay firm with expectations of a near-term US interest rate hike waning after the Federal Reserve recommended caution on tightening.

The expansion in China's manufacturing sector for March also provided a boost for the ringgit.

Against a basket of other currencies, the ringgit also traded mostly higher, except for the Japanese yen, against which it fell to 3.4763/4838 from 3.4603/4675 last week.

The local note rose against the Singapore dollar to 2.8727/8804 from 2.8826/8895 on Friday, improved vis-a-vis the British pound to 5.5165/5290 from 5.5692/5815 and strengthened to 4.4202/4309 from 4.4315/4411 versus the euro