Ringgit higher against US dollar in early trade

The ringgit opened higher against the US dollar this morning, reversing yesterday’s losses and as bargain hunting emerged to take advantage of the recent depreciation, a dealer said.

At 9 am, the ringgit was quoted at 3.9990/4.030 against the greenback from 4.0020/0050 at yesterday’s close.

The dealer said yesterday’s weaker close was the first time the ringgit had breached the 4.0 level in more than five months, pushing demand for the local currency, despite uncertainty over Malaysia’s fiscal deficit as well as US-China trade war tensions.

An improved risk appetite was also evident despite the overnight decline in oil prices.

Against other major currencies, the ringgit traded mostly higher, except for the euro, against which it depreciated to 4.6288/6351 from Tuesday’s 4.6223/6274.

The ringgit rose against the Singapore dollar at 2.9452/9492 from 2.9476/9507, strengthened against the Japanese yen to 3.6364/6411 from 3.6431/6469, and improved vis-a-vis the British pound to 5.2631/2687 from 5.2734/2778. – BERNAMA