The ringgit opened unchanged against the US dollar, prompted by demand for the local currency although traders were adopting a cautious mode, a dealer said.
At 9 am today, the local unit was traded at 4.4480/4520 against the US dollar from Tuesday’s close 4.4480/4510.
“Interest will likely move to the US dollar following hints by the US Federal Reserve that interest rates may be hiked further.
“Our ringgit is expected to trade lower in the short-term against the US dollar, however, we hope the decline will be capped by higher oil prices,” the dealer said.
Against a basket of major currencies, the ringgit was traded higher.
It rose against the Singapore dollar to 3.1258/1290 from 3.1368/1391 and versus the yen it increased to 3.8854/8906 from 3.9189/9233.
Vis-a-vis the British pound, the ringgit strengthened to 5.5360/5414 from 5.5467/5513 and compared with the euro, it rose to 4.6984/7044 from 4.7224/7261 on Tuesday, Feb 14. – Bernama