Ringgit slightly higher against US dollar at opening

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KUALA LUMPUR: The ringgit opened slightly higher against the US dollar on Monday, supported by the worldwide financial restoration which is cruising at an affordable velocity, mentioned an analyst.

At 9.00 am, the native forex was buying and selling at 4.2070/2115 against the buck from 4.2080/2110 at Friday’s shut.

Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid mentioned the Malaysian ringgit staged an honest pattern against the US dollar final week though the uncertainties over the army battle in Ukraine endured.

“Last week, the ringgit appreciated to RM4.2095 as a result of constructive financial knowledge level.

“From the technical charts, the ringgit appears to be in an oversold place, indicating potentialities that the forex would admire within the close to time period,” he advised Bernama.

As such, Mohd Afzanizam mentioned the ringgit might transfer between RM4.19 and RM4.20 right now.

According to the report, the US jobless claims fell additional to 187,000 for the week ended March 19 from 215,000 within the earlier week and the Purchasing Managers’ Index (PMI) in main economies continues to hover above the 50-point benchmark, indicating that enterprise sentiments are nonetheless constructive.

At the opening, the ringgit was traded largely higher against a basket of main currencies.

The native unit rose against the British pound to five.5356/5415 from 5.5394/5434 on Friday and gained versus the euro to 4.6151/6200 from 4.6305/6338.

The ringgit additionally appreciated vis-a-vis the yen to three.4413/4453 from Friday’s shut of three.4608/4633 and improved against the Singapore dollar to three.0950/0987 from 3.1021/1045. – Bernama



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