KUALA LUMPUR, Feb 20 — The ringgit recovered to open higher against the US dollar today on renewed buying interest ahead of the scheduled release of minutes from the US Federal Open Market Committee meeting and personal consumption expenditures (PCE) reading this week, said an analyst.
At 9am, the ringgit rebounded to 4.4250/4335 versus the greenback from Friday’s close of 4.4310/4345
SPI Asset Management managing director Stephen Innes said the release of PCE inflation data this Friday would set the stage for Federal Reserves officials’ forecast updates at the March 22 meeting.
“Nevertheless, the local note opened stronger today based on the recovery of the Japanese yen and China’s yuan during last Friday’s trading session,” he told Bernama.
Meanwhile, the ringgit was traded lower against a basket of major currencies.
The local unit eased against the Japanese yen to 3.2922/2987 from 3.2864/2892 at Friday’s close, fell vis-a-vis the Singapore dollar to 3.3087/3155 from 3.3062/3093, weakened versus the euro to 4.7255/7345 from 4.7137/7174 and slid against the British pound to 5.3184/3286 from 5.2919/2961 previously.
— Bernama
