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Ringgit gains as buying momentum continues

KUALA LUMPUR: The ringgit opened higher against the US dollar today on improved buying momentum for the domestic unit.

At 9.08 am, the local note advanced to 4.1500/1530 versus the greenback from Wednesday’s close of 4.1590/1610.

ActivTrades trader Dyogenes Rodrigues Diniz said more than 75 per cent of the Malaysian population has received at least one shot of COVID-19 vaccine and the number of new infection cases decreased day after day.

“The news that Malaysia will allow travel of fully vaccinated adults from Monday boosted sentiment and is playing in favour of the ringgit. From a technical standpoint, the US dollar/ringgit has the potential to fall as far as 4.1350, where it is likely to find some buying strength,” he added.

The ringgit, however, was traded mostly lower against a basket of major currencies, rising versus the Japanese yen to 3.6599/6629 against Wednesday’s close of 3.6611/6632 but depreciated versus the British pound to 5.6722/6763 from 5.6675/6702.

The local note fell against the Singapore dollar to 3.0766/0790 compared with yesterday’s 3.0739/0758 and went down against the euro to 4.8136/8171 from 4.8074/8097. – Bernama

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