business
Ringgit opens higher against US dollar
The local note is expected to be stronger due to an interest rate hike by the US Federal Reserve coupled with better crude oil prices. – AFP file pic, March 4, 2016.The ringgit continued yesterday's upward momentum against the US dollar to open higher on mild buying support by investors and lifted by positive sentiment, dealers said.
At 9.01 am, the local unit was quoted at 4.1280/1340 per US dollar versus 4.1310/1380 at 5pm yesterday.
A dealer said the local note is expected to be stronger on increased doubts about an interest rate hike by the US Federal Reserve coupled with better crude oil prices.
She said the buying was mainly supported by encouraging February US manufacturing data which indicated an increase of 1.3% to 49.5, the highest recorded since September.
"This reflected an improvement in global economic growth.
"But investors will now wait for clues for the direction ahead of the US jobs data to be released later today," she said.
The ringgit was traded lower against other emerging currencies.
It weakened against the Singapore dollar to 2.9743/9801 from 2.9638/9706 yesterday and went down against the euro to 4.5202/5284 from 4.4925/4009.
It also depreciated against the British pound to 5.8469/8575 from 5.8074/8189 and slipped against the yen to 3.6348/6410 from 3.6278/6352 yesterday. – Bernama, March 4, 2016.
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