KUALA LUMPUR: The ringgit opened lower contrary to the US dollar upon Tuesday as the greenback continued its bullish run on the back of an aggressive US financial policy stance to tame inflation presently there, said a seller.
At nine is, the local currency fell to four. 6045/6085 against the buck from yesterday’s four. 6030/6045.
ActivTrades trader Dyogenes Rodrigues Diniz said recent dollar bullishness offers caused the along with European equities as well as the British pound.
“From a technical point of view, the ringgit to dollar investing is approaching the particular historical resistance region of 1998 levels.
“As there is no major resistance involving the current price and the lows of 1998, the dollar will probably move higher against the ringgit.
“An alternative scenario much more possible if the US Federal Reserve changes its tone to a more dovish stance, which seems improbable at the moment, ” he said in a note.
Meanwhile, the particular ringgit was traded mixed against the basket of main currencies.
It rose vis-a-vis the particular euro to 4. 4364/4403 from four. 4405/4420 and valued against the Japanese yen to 3. 1876/1908 from 3. 1950/1965.
However , the local note declined compared to Singapore dollar in order to 3. 2087/2117 through 3. 2054/2069 at Monday’s close and eased against the Uk pound to four. 9600/9643 compared with four. 9197/9213 yesterday. – Bernama