KUALA LUMPUR, June 8 — The ringgit opened higher against the US dollar today on the back of the expectation of an economic recovery as new Covid-19 cases showed a downtrend, a dealer said.
At 9.01am, the local currency rose to 4.1180/4.1205 against the greenback from Friday’s close of 4.1275/1285.
ActivTrades trader Dyogenes Rodrigues Diniz said the flattening new Covid-19 cases in the country over the past few days, coupled with an acceleration in the vaccine rollout, boosted the prospects of a full reopening of its economy, which should, in turn, be supportive for the ringgit.
“The US to the ringgit is treading water amid an improvement in the battle against Covid-19 in Malaysia.
“At the same time, investors also keep digesting mixed economic data from the United States and mixed signals on the probability of a US interest rate hike,” he said.
Meanwhile, at the opening, the local note was traded lower against a basket of major currencies.
Against the Singapore dollar, the ringgit declined to 3.1126/1150 from Friday’s close of 3.1076/1086 and slipped against the yen to 3.7645/7671 from 3.7482/7494.
The local unit weakened vis-a-vis the euro to 5.0178/0208 from 5.0013/0025 and eased against the British pound to 5.8356/8392 from 5.8313/8327.
— Bernama
