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Ringgit opens marginally higher against US dollar

At 9am, the local currency was traded at 4.3970/4015 against the greenback from yesterday’s close of 4.3985/4015. ― Reuters pic

Tuesday, 21 Jun 2022 10:28 AM MYT

KUALA LUMPUR, June 21 ― The ringgit opened marginally higher against the US dollar today despite fragile market sentiments over expectations of an aggressive monetary tightening by the United States Federal Reserve (Fed) that would take a toll on the economy, a dealer said.

At 9am, the local currency was traded at 4.3970/4015 against the greenback from yesterday’s close of 4.3985/4015.

Bank Islam chief economist Dr Mohd Afzanizam Abdul Rashid said talks of a possible recession would also make market participants remain defensive, leading to a higher demand for safe-haven currencies.

“The ringgit is expected to remain in a tight range in the absence of fresh leads as the US markets closed last night.

“The ringgit versus the Singapore dollar saw a notable…

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