Ringgit opens slightly higher against US dollar

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Kuala Lumpur
– The ringgit opened slightly higher against the US dollar and other major currencies today on renewed demand for the domestic unit, a dealer said.

At 9.00 am, the local unit was quoted at 4.2050/2080 against the greenback from yesterday’s close of 4.2060/2090.

The dealer said the ringgit’s rebound was due to oil prices having improved during Asia trading time while the US dollar was still cautious to risk-off news such as geopolitical tension over North Korea launching another missile test.

“However, traders are still waiting for the upcoming US inflation rate data to be released soon which will give fresh direction to the foreign exchange and ringgit’s performance,” he said.

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

It perked against the Singapore dollar to 3.1243/1277 from Tuesday’s close of 3.1244/1275 and appreciated against the yen to 3.8179/8209 from 3.8341/8372 previously.

The local unit weakened against the British pound to 5.5859/5916 from Tuesday’s 5.5763/5820 and decreased against the Euro to 5.0330/0382 from 5.0304/0352 yesterday. – Bernama