Ringgit extends positive momentum. Open higher vs US Dollar

KUALA LUMPUR: The ringgit traded higher against the US Dollar in today’s early session, extending positive momentum from last week, driven by continued buying interest towards the local currency, said an analyst.

At 8.11 am, the local currency climbed to 4.2960/3095 against the greenback compared to Friday’s close of 4.3045/3075.

Since China is seen to be more receptive to prescribing further monetary stimulus to support growth, emerging market currencies, including the ringgit, look to stay positive during the day.

Positive momentum

In early trading, the ringgit weakened against most major currencies, slipping against the euro to 4.6680/6827 and the Japanese yen to 2.8759/8851. However, it strengthened against the British pound, rising to 5.6046/6222.

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