KUALA LUMPUR, June 12 - The ringgit opened stronger against the U.S. dollar today on commercial buying interests, said dealers.
However, the greenback was higher in most overseas markets on expectations that the U.S. Federal Reserve would not cut interest rates in the near term.
Dealers said that lower interest rates could boost the U.S. economy but at the same time could make investments denominated the U.S. dollar less attractive.
The ringgit has appreciated by 4.2 percent against the U.S. dollar this year and cumulatively since its depegging against the greenback in 2005, the ringgit has risen by between 10 and 12 percent.
At 9.00 am, the ringgit strengthened at 3.4585/4615 against the U.S. dollar compared with yesterday's closing of 3.4685/4715.
Except against the Singapore dollar, the local unit was also mostly higher against other major currencies.
It weakened against the Singapore dollar at 2.2462/2492 against 2.2456/2490 yesterday but rose against the Japanese yen at 2.8425/8562 from 2.8498/8525.
Against the pound sterling, the ringgit was stronger at 6.8202/8271 from 6.8264/8340 and rose against the euro at 4.6202/6253 from 4.6260/6324 previously.
However, the greenback was higher in most overseas markets on expectations that the U.S. Federal Reserve would not cut interest rates in the near term.
Dealers said that lower interest rates could boost the U.S. economy but at the same time could make investments denominated the U.S. dollar less attractive.
The ringgit has appreciated by 4.2 percent against the U.S. dollar this year and cumulatively since its depegging against the greenback in 2005, the ringgit has risen by between 10 and 12 percent.
At 9.00 am, the ringgit strengthened at 3.4585/4615 against the U.S. dollar compared with yesterday's closing of 3.4685/4715.
Except against the Singapore dollar, the local unit was also mostly higher against other major currencies.
It weakened against the Singapore dollar at 2.2462/2492 against 2.2456/2490 yesterday but rose against the Japanese yen at 2.8425/8562 from 2.8498/8525.
Against the pound sterling, the ringgit was stronger at 6.8202/8271 from 6.8264/8340 and rose against the euro at 4.6202/6253 from 4.6260/6324 previously.
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