RM rebounds to open higher against USD

 Publish date: Mon, 27 Jul 2020, 10:33 AM

KUALA LUMPUR: The ringgit rebounded from last week's losses to trade higher against the US dollar today, due to investors' renewed appetite for emerging currencies, including the local note, a dealer said.
As at 9.05 am, the ringgit stood at 4.2540/2580 against the greenback compared with 4.2620/2660 at 6 pm on Friday.
Kenanga Research said the local currency continued its bullish momentum last week, appreciatingagainst a weaker greenback, on the back of COVID-19 vaccine optimism and positive local economic sentiment.
"However, the momentum was partially pared by faltering risk appetite as escalating Sino-UStensions weighed on the sentiment," it said in a research note today.
Meanwhile, the ringgit was traded lower against other benchmark currencies.
It fell against the Singapore dollar to 3.0799/0833 from 3.0764/0797 last week and decreased versus the Japanese yen to 4.0204/0253 from 4.0068/0117 on Friday.
The local unit depreciated against the British pound to 5.4519/4588 from 5.4268/4336 and weakened vis-a-vis the euro to 4.9712/9776 from 4.9426/9481 previously.
 - Bernama
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