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Ringgit opens higher against US dollar

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Kuala Lumpur
– The ringgit opened marginally higher against the US dollar this morning on renewed demand for the local currency, as market players directed their attention towards August’s US inflation data, to be released soon.

At 9am, the local unit was quoted at 4.1970/2000 against the greenback from Thursday’s close of 4.2040/2070.

Dealers said US inflation data could give a clue as to the direction of the US Federal Reserve’s interest rate plan.

The local note was traded mostly lower against a basket of other major currencies.

It depreciated against the Singapore dollar to 3.1140/1176 from yesterday’s close of 3.1129/1165, and declined against the yen to 3.8089/8126 from 3.8069/8100 on Thursday. It slipped against the British pound to 5.6177/6230 from yesterday’s 5.5510/5553, but appreciated against the euro to 4.9982/0030 from 5.0007/0051 previously. – Bernama