July 17: Ringgit opens higher against US dollar

 Publish date: Mon, 17 Jul 2017, 10:50 AM

KUALA LUMPUR: The ringgit recovered from last week's losses to open higher against the US dollar this morning.

At 9am, the local unit stood at 4.2860/2900 against the greenback, from Friday's close of 4.2910/2940.

A dealer said the ringgit is currently 1.8 per cent below its 200-period moving average and is on an uptrend.

"Volatility is extremely low when compared to average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility, along with sharp price fluctuations in the near-future," he said.

The ringgit was traded lower against other major currencies. It declined against the Singapore dollar to 3.1289/1337 from 3.1210/1243 on Friday, and eased against the yen to 3.8064/8110 from 3.7886/7926. It weakened against the pound to 5.6138/6195 from 5.5624/5667, and depreciated against the euro to 4.9126/9189 from 4.8977/9016 on Friday. -- BERNAMA

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