Ringgit Rally

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KUALA LUMPUR: The ringgit extended Tuesday’s gains to open higher against the US dollar this morning as investors continued to buy local bonds and undervalued equities, said a dealer.

At 9 am, the local unit stood at 4.2780/2840 against the greenback compared with yesterday’s close of 4.2840/2860.

OANDA Senior Trader Stephen Innes said fund inflows resumed in Asia particularly in emerging markets following the announcement of vulnerable Consumer Price Index data in the United States which prompted a sell-off in the greenback.

Besides, China’s firm second-quarter economic growth data, which posted a 6.9 % growth on the back of industrial output pick-up, was supportive of regional risk, as the renminbi’s stability and strength was somewhat helping local risk sentiment.

The ringgit traded mostly higher against other currencies.

It appreciated against the Singapore dollar to 3.1309/1371 from 3.1359/1385 on Tuesday but eased against the Japanese yen to 3.8193/8257 from 3.8175/8203 yesterday.

Meanwhile, the local note improved against the pound to 5.5725/5829 from 5.5885/5915 and rose against the euro to 4.9385/9459 from 4.9480/9520.

Bernama KL

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