KUALA LUMPUR (Jan 7): The ringgit opened higher against the US dollar as the greenback retreated on expectations that the Federal Reserve (Fed) would put policy tightening on pause in 2019.
At 9.18 am, the ringgit stood at 4.1200/1250 versus the US dollar from 4.1340/1370 at Friday's closing.
A dealer said investors’ interest shifted towards the ringgit following Fed chairman Jerome Powell's comments last Friday, that the central bank was not on a preset path of interest rate hikes, and would be sensitive to the downside risks priced in by markets.
Meanwhile, the ringgit traded higher against other major currencies, except the British pound, where it fell to 5.2468/2536 from 5.2378/2432 on Friday.
It rose against the Singapore dollar to 3.0310/0358 from 3.0357/0395, improved against the Japanese yen at 3.7969/8025 from 3.8260/8298 and gained against the euro to 4.6997/7070 from 4.7144/7199.