The ringgit opened higher against the US dollar on Wednesday although the greenback’s appeal as a safe-haven currency remained firm amid the risk-averse sentiment surrounding the market.
The US dollar also gained additional ground following Federal Reserve chair Jerome Powell’s hawkish statement which stated that the US central bank may need to keep rates higher for longer as inflation remains sticky, said an analyst.
At 9.00am, the local currency rose to 4.7905/7950 versus the US dollar from Tuesday’s closing of 4.7945/7970. – Bernama
