Ringgit rebounds vs US Dollar amid volatile forex market

KUALA LUMPUR: The ringgit reversed five days of losses to open slightly higher against the US dollar today, despite a volatile foreign exchange market caused by the United States’ interest rate hikes and the European energy crisis, a dealer said.

At 9 am, the local currency rose to 4.6250/6290 against the greenback from yesterday’s closing of 4.6285/6310.

However, ActivTrades trader Dyogenes Rodrigues Diniz cautioned that the US dollar is expected to continue its relentless rise against the ringgit, and at the same time, the extreme market volatility could have a ripple effect and bring down the market in a harmful way.

Meanwhile, the ringgit was traded easier against a basket of major currencies.

It fell vis-a-vis the euro to 4.4812/4850 from 4.4184/4208 at yesterday’s close, eased against the British pound to 4.9978/5.0021 from Wednesday’s 4.9409/9436, and declined versus the Singapore dollar to 3.2187/2220 from 3.1954/1975.

The local note also depreciated against the Japanese yen to 3.2058/2088 from 3.1974/1993 previously.

BERNAMA