RINGGIT REBOUNDS AGAINST US DOLLAR AS EXTERNAL CONCERNS EASE

12 Jul 2013 11:19
KUALA LUMPUR, July 9 (Bernama) -- The ringgit rebounded against the US dollar in opening trade today as concerns eased over external sentiments, dealers said.

At 9.34 am, the ringgit stood at 3.1980/2010 to the US dollar compared to 3.2080/2110 yesterday.

A dealer said the local market took cue from regional sentiments, where the selling of regional units, was capped by a growing feeling that central banks would intervene to support their currencies.

However, he added that, emerging currencies are likely to stay weaker on increased expectations, that the Fed may taper its quantitative easing.

Meanwhile, against the other major currencies, the ringgit rose against the Singapore dollar to 22.4986/5016 from yesterday's 2.5018/5045 but weakened against the yen to 3.1657/1690 from 3.1656/1698. The local unit also appreciated against the British pound to 4.7743/7791 from Monday's 4.7780/7834 and strengthened against the euro to 4.1101/1152 from 4.1184/1236. -- BERNAMA

MKI AS