Malaysian Ringgit Opens Higher Against US Dollar

KUALA LUMPUR, July 17 (Bernama) -- The Malaysian ringgit recovered to open higher against the US dollar Monday morning on the back of the greenback’s weakness. At 9 am, the local unit stood at 4.2860/2900 against the greenback from Friday’s close of 4.2910/2940. A dealer said the ringgit was currently 1.8 per cent below its 200-period moving average and was on an uptrend. “Volatility is extremely low when compared to the 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, however, 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 Japanese yen to 3.8064/8110 from 3.7886/7926. The ringgit 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 Sunday. -- BERNAMA