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Ringgit opens unchanged against US dollar

Business & Finance

KUALA LUMPUR, Oct 18 — The ringgit opened unchanged against the US dollar today amid quiet trading ahead of the public holiday on Tuesday.

At 9 am, the local note stood at 4.1560/1605 versus the greenback from Friday’s close of 4.1560/1590.

Analysts anticipate that the ringgit may experience some technical correction this week, trading in the range of RM4.15 to RM4.16 after having traded higher for six straight trading sessions before slipping last Friday.

Investors may want to cash in some gains, the analysts said.

MIDF Research said the local currency’s appreciation last week was supported by the improving growth outlook in view of the removal of interstate travel ban and other restrictions imposed during the nationwide lockdown.

“The local currency also benefited from the further rise in oil prices, with the Brent crude oil prices r

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