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Ringgit opens higher against US$ as focus turns to growth

KUALA LUMPUR: The ringgit opened marginally higher on Wednesday against the US dollar as traders move away from the US interest rate narrative and turn the focus back to growth differential..

Market confidence was high on the expectation that the US Federal Reserve Board will cut interest rates in July, which would be beneficial for the greenback movement. At 9 am, the ringgit stood at 4.1360/1390 against the greenback from Tuesday’s close of 4.1370/1400.

The local currency strengthened versus the pound to 5.2101/2156 from 5.2209/2255 yesterday and increased against the euro to 4.6708/6758 from 4.6773/6815.

However, the ringgit weakened against the Japanese yen to 3.8432/8470 from 3.8199/8241 and declined against the Singapore dollar to 3.0512/0537 from 3.0509/0542 on Tuesday.

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