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Ringgit opens firmer against US dollar

by June 23, 2016 General

KUALA LUMPUR, June 23 — The ringgit opened firmer against the US dollar today as traders reduced foreign currency holdings, ahead of the British referendum on whether to exit or stay on in the European Union.

At 9am, the local unit was quoted at 4.0170/0250 to the US dollar from 4.0315/0365 yesterday.

A dealer said if Britons decide to leave the European Union (Brexit), it is likely to see Asian currencies affected by the volatility in the financial and currency markets, led by the British pound and euro.

“The ringgit and greenback pair would test the upper range of 4.120-4.155 if Brexit happens,” he added.

Polling for the referendum starts at 2pm (Malaysian time) today and the outcome is expected to be known between 10.30 am and 12 noon tomorrow.

The ringgit also traded higher against other major currencies.

It appreciated against the Singapore dollar to 3.0036/0114 from Tuesday’s close of 3.0070/0128 and rose against the euro to 3.8312/8406 from 3.8590/8649.

The local unit was up against the British pound at 5.9496/9634 from 5.9497/9591 and strengthened against the yen to 4.5501/5611 from 4.5697/5758. — Bernama