KUALA LUMPUR: The ringgit reversed its downtrend to open higher against the US dollar in early trade today with sentiment fuelled by the rebound in oil prices.
At 9 am, the ringgit was quoted at 4.0610/0650 against the greenback from 4.0630/0670 recorded on Tuesday.
Oanda Head of Trading Asia-Pacific, Stephen Innes said with an apparent easing in US-China trade tensions, the local note should find some support on improving risk sentiment.
“But as we enter into the two-day US Federal Open Market Committee (FOMC) policy meeting, the US dollar is holding up its end of the bargain.
“In addition to the FOMC policy meeting, traders have payrolls on their mind which should continue to lend support to the greenback and will limit ringgit gains,” he said.
Against other major currencies, the ringgit traded higher.
It appreciated against the Japanese yen to 3.6314/6356 against Tuesday’s 3.6433/6472 and rose versus the Singapore dollar to 2.9814/9848 from 2.9829/9860.
The ringgit improved against the British pound to 5.3264/3333 from 5.3453/3522 and was higher against the euro to 4.7469/7528 from 4.7626/7682. --Bernama