Ringgit rebounds against US$ to open marginally higher

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KUALA LUMPUR: The ringgit rebounded from yesterday’s losses to open marginally higher against the US greenback immediately, as barely cheaper costs prompted some buyers to return to the rising currencies, sellers stated.

At 9.10 am, the native forex appreciated versus the dollar to 4.4355/4400 from Tuesday’s shut of 4.4385/4405.

A seller stated that the dollar gained its momentum on Tuesday after the closely-watched US nonfarm payrolls elevated greater than anticipated in June to 372,000 against consensus projection of 268,000.

He stated the optimistic information will surely lend additional help for an additional 75-basis level (bps) hike within the Fed Funds Rate.

On the house entrance, analysts anticipate Bank Negara Malaysia (BNM) to increase the Overnight Policy Rate (OPR) yet another time throughout its September assembly, by one other 25 bps to 2.50 per cent.

The ringgit was traded combined against a basket of main currencies.

It weakened against the British pound to 5.2729/2783 from 5.2539/2562 on Tuesday and decreased versus the euro to 4.4528/4573 from 4.4456/4476 beforehand.

The native unit, nevertheless, was higher against the Singapore greenback at 3.1525/1561 from 3.1539/1556 yesterday and strengthened vis-a-vis the Japanese yen to 3.2352/2390 from 3.2414/2431.

The market was closed on Monday, a alternative public vacation for Aidiladha which fell on Sunday. – Bernama



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