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Ringgit opens higher against US dollar

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by August 24, 2017 General

The ringgit is higher as the US dollar retreats against major world currencies. — Reuters picThe ringgit is higher as the US dollar retreats against major world currencies. — Reuters picKUALA LUMPUR, Aug 24 — The ringgit opened higher against the US dollar today as the greenback retreated against major world currencies on the improved investor sentiment towards the local currency due to the recent good news such as higher foreign reserves and better-than-expected economy report.

At 9 am, the local unit was quoted at 4.2750/2800 versus the greenback from 4.2780/2800 yesterday.

A dealer said President Donald Trump’s remarks on the North American Free Trade Agreement termination had dragged down the US dollar.

On the local front, he said, higher foreign reserves of US$100.40 billion as at Aug 15, 2017, and the recent surprising second-quarter gross domestic product growth had lifted the investors’ confidence in the country.

“The ‘feel good factors’ have increased the demand for the local currency,” he said.

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

It fell against the Singapore dollar to 3.1404/1459 from Wednesday’s close of 3.1380/1411, eased against the yen to 3.9152/9209 from 3.9126/9148 yesterday and weakened against the euro to 5.0475/0551 from 5.0391/0418 yesterday.

Vis-a-vis the pound, the ringgit advanced to 5.4682/4750 from 5.4750/4784 previously. — Bernama

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