RM rebounds to open higher against USD

 Publish date: Mon, 7 Sep 2020, 9:49 AM

KUALA LUMPUR: The ringgit rebounded to open slightly higher against the US dollar today on renewed demand as the outlook for the greenback remained bearish, said a dealer.
At 9.10 am, the local currency was quoted at 4.1450/1500 against the greenback from last Friday's close of 4.1470/1520.
AxiCorp chief global market strategist Stephen Innes said the local unit could drift higher despite the US dollar being more generally bought last week.
"There has been minimal buying, especially for emerging market currencies," he told Bernama.
Innes said with the Federal Reserve unambiguously in a lower (interest rate) for a longer stance, traders are still interested in re-engaging in carrying and "risk-on" trades with links to China's performance.
"As we suggested two weeks ago, ASEAN currency laggards with more robust beta and enduring trade ties with China, like the ringgit, should continue to trade well on a catch-up basis," he added.
Against other major currencies, the ringgit was also traded higher.
It went up against the Singapore dollar to 3.0371/0410 from last Friday's 3.0410/0458 and was firmer against the yen at 3.8968/9026 from 3.9042/9100.
The ringgit appreciated against the British pound to 5.4942/5012 from 5.5143/5213 and rose against the euro to 4.9069/9132 from 4.9150/9214.
 - Bernama
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