KUALA LUMPUR: The ringgit opened higher against the US dollar on Friday, as buying interest in the local note reemerged ahead of the tabling of Budget 2022 later today, said a dealer.
At 9 am, the local note rose to 4.1445/1480 versus the greenback from 4.1485/1520 at yesterday's close.
In early January 2021, the domestic unit breached the 4.00-level against the US dollar, depreciating to a year-to-date low of 4.24 mid-August before regaining its grounds to trade at the current level of between 4.14 and 4.19. "The next support level would be at RM4.1203. Higher commodity prices alongside positive economic data may have contributed to the positive tone in the ringgit.
He said with the tabling of Budget 2022 later today, key macroeconomic indicators such as fiscal deficits and gross domestic product targets will be closely watched.
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