Ringgit opens higher against US dollar at opening

Stable but quiet trading of crude strengthens demand for local note. FMTNews Ringgit

KUALA LUMPUR: The ringgit opened higher against the US dollar today, supported by stable but quiet trading in crude oil, analysts said.

AxiCorp chief global market strategist Stephen Innes said industries seem more focused on medium and long-term drivers for oil but at the same time, traders are keeping an eye out for signs of a reaction to US production data and news on new Covid-19 infection numbers. On the local front, he also told Bernama that as the market is starting to price a September Bank Negara Malaysia interest rate cut, this should be favourable for Malaysian Government Securities inflows.

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