Ringgit opens higher amid mixed signals

KUALA LUMPUR: The ringgit opened higher against the US dollar today as FX market sentiments are expected to swirl around the Russia-Ukraine conflict as signals turn mixed, an economist said.

Bank Islam Malaysia Bhd’s Chief Economist, Mohd Afzanizam Abdul Rashid, however, said higher crude oil prices could provide some support for the local currency, with Brent crude climbing further to $97 a barrel, signaling that the ringgit could benefit as it could improve government fiscal space.

“Amid the troubling market conditions, the dollar-ringgit may trade in a tight range between RM4.17 and RM4.18 against the dollar today,” he told Bernama.

At 9 am, the local currency rose to 4.1830/1850 against the greenback since Monday’s close at 4.1780/1815.

Meanwhile, the ringgit was trading against a basket of other major currencies.

The local currency improved against the euro to 4.7326/7349 from 4.7466/7506 on Monday and appreciated against the pound sterling to 5.6864/6891 from 5.6959/ 7006 Monday.

It slipped against the Singapore dollar to 3.1063/1083 from 3.1047/1075 at yesterday’s close and eased against the yen to 3.6463/6483 from 3.6384/6418 previously. – Bernama

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