Ringgit rebounds against US$ to open marginally higher
KUALA LUMPUR: The ringgit rebounded from yesterday's losses to open marginally higher against the US dollar today, as slightly cheaper prices prompted some investors to return to the emerging currencies, dealers said.
At 9.10 am, the local currency appreciated versus the greenback to 4.4355/4400 from Tuesday’s close of 4.4385/4405.
A dealer said that the greenback gained its momentum on Tuesday after the closely-watched US nonfarm payrolls increased more than expected in June to 372,000 against consensus projection of 268,000.
He said the positive data would certainly lend further support for another 75-basis point (bps) hike in the Fed Funds Rate.,
On the home front, *** ysts expect Bank Negara Malaysia (BNM) to raise the Overnight Policy Rate (OPR) one more time during its September meeting, by another 25 bps to 2.50 per cent.
The ringgit was traded mixed against a basket of major 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 previously.
The local unit, however, was higher against the Singapore dollar 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 replacement public holiday for Aidiladha which fell on Sunday. - Bernama