Ringgit opens higher versus greenback, other currencies
The ringgit opened higher against the US dollar on improved local market sentiment, supported by positive remarks from Bank Negara Malaysia (BNM) and expectations of a shift in US Federal Reserve policy, analysts said.
KUALA LUMPUR: The ringgit opened higher against the US dollar on improved local market sentiment, supported by positive remarks from Bank Negara Malaysia (BNM) and expectations of a shift in US Federal Reserve policy, analysts said.
At 8am, the ringgit was quoted at 4.2220/231 against the greenback, strengthening slightly from 4.2265/2295 at yesterday's close.
An analyst said market sentiment improved following comments by BNM governor Datuk Abdul Rasheed Ghaffour, who noted that the ringgit has the potential to appreciate to RM4 against the greenback by year-end.
Meanwhile, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said that while the US Dollar Index (DXY) continues to rise amid the ongoing US government shutdown, the trend may not be sustainable.
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