Weaker US Dollar spurs Ringgit to open higher

Pic By TMR

KUALA LUMPUR • The ringgit remained higher against the US dollar for the third consecutive day today, as the weakened greenback spurred demand for other safe-haven and emerging currencies, dealers said.

At 9.05 am, the ringgit traded at 4.1600/1630 versus the US dollar from 4.1660/1700  at Thursday’s closing.

A dealer said another volatile trading session on Wall Street last night, on the back of concerns over slowing global economic growth and unstable equities market, had put the greenback under pressure.

“Investor sentiment in riskier asset classes subdued and this gives advantage to other currencies, especially the safe-haven like Yen and emerging notes,” he told Bernama.

He also said gains in the local market was partly aided by the recovery in oil prices, with Brent crude surging 2.56 per cent to US$54.08 per barrel (during Asian time).

At the opening bell, the ringgit traded mixed against other major currencies.

It rose against the Japanese yen to 3.7521/7559 from 3.7576/7618 on Thursday and appreciated vis-a-vis the British pound to 5.2599/2641 from 5.2600/2667.

The ringgit, however, contracted versus the Singapore dollar to 3.0341/0374 from 3.0329/0369 and weakened against the euro to 4.7599/7650 from 4.7459/7521. — Bernama