FOREX : Ringgit Malaysia Rebounds

KUALA LUMPUR - The Ringgit Malaysia rebounded against the U.S. dollar in the early trading today as risk appetite improved, boosted by good pick-up in the local and regional stock markets, dealers said. As at 9.02 am, the ringgit was higher against the greenback at 3.5420/5470 from 3.5440/5490 at yesterday's closing.

The dealers said the ringgit is expected to move within the 3.5200 to 3.5440 level, depending on the movement of the local bourse, which opened 6.35 points higher at 1,018.34. Investors' appetite improved backed by higher U.S. stocks overnight as investors bet a recent rally could have more room to grow following a recent brief pullback," they added.

Compared with other major currencies, the ringgit was traded mixed. It gained against the Singapore dollar at 2.4156/4213 from yesterday's closing at 2.4193/4250. It also rose against the yen to 3.6904/6967 from 3.7122/7182 previously. The ringgit was however declined against the euro at 4.8295/8374 from 4.8205/8288 and also eased against the British pound at 5.3941/4039 from 5.3624/3711 previously.