KUALA LUMPUR— The Malaysian ringgit stayed above RM4.52 level against the US dollar at the opening Thursday as the greenback continued its relentless rise towards an all-time high in response to the United States’ latest bullish core Producer Price Index (PPI) data.

At 9.05 am, the local currency slid to 4.5270/5305 against the greenback from 4.5265/5285 at Wednesday’s close.

ActivTrades trader Dyogenes Rodrigues Diniz said the US PPI data recorded a higher-than-expected reading of 7.3 per cent versus the 7.1 per cent forecast.

“From the technical point of view, the last time the US dollar hit an all-time high against the ringgit was in November 2016, when it reached 4.5380. This is where the dollar should encounter a temporary resistance,” he said.

The ringgit was also traded higher against a basket of major currencies, except for the Japanese yen, where it had eased to 3.1622/1649 from 3.1616/1635.

The local unit rose against the Singapore dollar to 3.2193/2223 from 3.2252/2268 on Wednesday, increased against the British pound at 5.2178/2219 from 5.2331/2354 and gained against the euro to 4.5143/5178 from 4.5306/5326 previously.

Source: Nam News Network