Ringgit at 3.9780 against US dollar

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KUALA LUMPUR (June 1): The ringgit opened flat versus the US dollar this morning after yesterday's rebound on improved global risk appetite, a dealer said.

At 9.04 am, the local unit was quoted at 3.9780/9810 against Thursday’s close of 3.9780/9820.

OANDA Head of Trading in Asia-Pacific Stephen Innes said there was an encouraging relief rally on the Malaysian bond market yesterday that helped the beleaguered ringgit halt its recent losing streak.

"But, it came off local demand with barely a trickle of foreign interest. And given that the ringgit is trading very sensitive to global risk sentiment, we should expect the US dollar dips against ringgit to be supported at least during the Asia session," he said.

While traders were mindful of the government’s pledge to meet deficit targets, it would come down to the proof is in the pudding as far as foreign interest is concerned as actions will speak louder than words, he added.

The local unit was traded higher against a basket of currencies.

It appreciated against the British pound to 5.2860/2907 from 5.3059/3116 on Thursday and was higher against the euro at 4.6515/6562 from 4.6551/6505.

It improved against the Singapore dollar to 2.9720/9753 versus 2.9749/9785 and gained versus the yen to 3.6512/6550 from 3.6542/6589  yesterday.