The ringgit opened slightly higher against the US dollar on Tuesday despite continued support for the greenback from expectations of higher US interest rates.
At 8 am, the ringgit rose to 4.0835/0895 against the US dollar from Monday’s close of 4.0845/0890.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US dollar index rose 0.23 per cent to 102.167 points, reflecting the stronger greenback.
“As a result, the ringgit was likely to remain within a narrow trading range,” he told Bernama.
He said the US dollar had also strengthened as demand for the currency increased, with some investors seeking safer assets amid global uncertainty.
The ringgit traded mostly higher against major currencies at the opening, strengthening against the Japanese yen to 2.5847/5886 from 2.5858/5886 and the British pound to 5.3976/4055 from 5.4022/4081.
However, it weakened against the euro to 4.5805/5872 from 4.5775/5825.
Against regional currencies, the ringgit strengthened against the Thai baht to 12.1151/1390 from 12.1234/1411 but slipped slightly against the Singapore dollar to 3.1907/1957 from 3.1905/1943.
The local note was unchanged against the Philippine peso at 6.52/6.53 and the Indonesian rupiah at 227.9/228.3.
