Ringgit opens higher against US Dollar

KUALA LUMPUR: The ringgit opened higher against the US dollar today as cautious global economic sentiment prompted some investors to shift towards emerging currencies, including the ringgit, a dealer said.

At 9.10 am, the ringgit was trading at 4.7075/7110 versus the greenback, compared with Monday's close of 4.7110/7150.

The dealer said investors are awaiting the release of the US personal consumption expenditures (PCE) price index on Friday, which the US Federal Reserve relies on to gauge progress in bringing inflation down to its 2.0 per cent target.

He said investors will also closely monitor the first US presidential debate between President Joe Biden and his predecessor Donald Trump, scheduled for Thursday after the US markets close.

Meanwhile, the ringgit traded lower against a basket of major currencies.It depreciated against the Japanese yen to 2.9534/9560 from Monday's close of 2.9508/9535, fell vis-a-vis the British pound to 5.9717/9764 from 5.9679/9730 previously, and declined versus the euro to 5.0526/0563 from 5.0511/0554.

The ringgit was, however, mostly higher against its ASEAN peers.

It declined versus the Thai baht to 12.8669/8811 from 12.8383/8541 on Monday. However, the local currency rose against the Singapore dollar to 3.4803/4832 from 3.4811/4843 at Monday's close, advanced against the Indonesian rupiah to 287.1/287.4 from 287.3/287.7 previously, and remained flat against the Philippine peso at 8.01/8.02.

-- BERNAMA