KUALA LUMPUR: The ringgit opened slightly better against the US dollar today on renewed demand, despite the declining global oil prices and concerns over the dollar inflation, a trader said.
At 9 am, the local note stood at 4.1970/1990 versus the greenback from 4.2000/2030 at Wednesday’s close.
According to ActivTrades trader Dyogenes Rodrigues Diniz, concerns over the greenback inflation have increased with the release of the United States Producer Price Index (PPI), which measures inflation from the perspective of costs to industry or producers of products. From a macroeconomic point of view, the market seems to expect new monetary policies to curb this inflation situation,” he told Bernama, adding that he believes the dollar would strengthen with a possible sharp cut to the fiscal stimulus.