KUALA LUMPUR: The ringgit opened marginally higher against the US dollar on Tuesday amid cautious market sentiment as investors continued to assess global economic developments and the outlook for US interest rates.
At 8am, the local currency inched up to 4.0550/0610 versus the greenback from Friday’s close of 4.0565/0610.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said investors will be closely monitoring upcoming US inflation data as softer readings could weigh on US Treasury yields and the greenback, providing support for the ringgit.
More to come