Ringgit opens higher against US dollar ahead of BNM’s annual report

THE ringgit opened higher against the US dollar on renewed demand for the local currency ahead of Bank Negara Malaysia’s (BNM) annual report on March 29 and the release of US consumer confidence data later today, said an analyst.

At 9 am, the local note bounced to 4.3850/3900 versus the greenback compared with Monday’s closing rate of 4.4190/4240.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said markets are waiting for BNM’s view on the banking crisis that hit Silicon Valley Bank and Signature Bank in the United States, as well as global lenders Credit Suisse and Deutsche Bank.