Ringgit marginally lower vs us dollar at opening

KUALA LUMPUR (Reuters) – The ringgit opened slightly lower against the U.S. dollar on Friday on lack of buying momentum as demand for the greenback remained strong due to its safe-haven status, officials said. a reseller.

At 9 am, the local currency fell to 4.5670/5710 against the greenback against 4.5660/5695 at yesterday’s close.

ActivTrades trader Dyogenes Rodrigues Diniz said the recent rise in interest rates in the United States (US) is a signal that the US central bank will continue its restrictive monetary policy to contain the advance of the inflation.

“Market expectations are that the Federal Reserve (Fed) will continue to tighten through year-end, when interest rates could be between 4.0% and 4.5%.

“The dollar may continue to appreciate against the ringgit until it approaches the 4.6000 region,” he told Bernama.

Nevertheless, from a technical standpoint, Diniz noted that the dollar is in an overbought situation against the ringgit, which is attracting attention from investors betting on the pair.

At the opening, the ringgit was trading against a basket of major currencies.

It fell against the Japanese Yen to 3.2139/2172 from 3.1890/1919 at yesterday’s close and fell against the Singapore Dollar to 3.2207/2238 from 3.2196/2225.

However, the local rating rose against the British pound to 5.1447/1492 from 5.1564/1603 on Thursday and rose against the euro to 4.4958/4997 from 4.5002/5037. – Bernama


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