KUALA LUMPUR: The ringgit opened higher versus the US dollar today on improved demand for the local unit, dealers said.
At 9 am, the ringgit was traded at 4.0970/1050 from 4.1150/1220 against the greenback on Wednesday.
A dealer said the ringgit had started to pick up momentum as traders shifted interest to Asian currencies on news that the US Federal Reserve would maintain its gradual interest rate tightening policy.
“Investors are now focusing on buying the safe haven yen and other Asian currencies, including the ringgit,” the dealer said.
Against other major currencies, the ringgit was traded mostly higher.
It rose against the Singapore dollar to 2.9522/9601 from 2.9558/9627 today and went up against the British pound to 5.9624/9756 from 5.9651/9761.
However, the local unit was lower versus the yen at 3.6350/6437 from 3.5804/5875, and weakened to 4.6333/6436 from 4.6327/6422 against the Euro. -- Bernama