Ringgit opens slightly higher vs US dollar

THE ringgit was slightly stronger against the US dollar this morning due to mild demand for the domestic note.

At 9.29am, the local currency stood at 4.485/4885 against the greenback from Tuesday’s close of 4.4865/4900.

A dealer said demand for the domestic currency was still weak as investors are still favouring safe-haven assets such as the US dollar due to the increasing uncertainties around the US’ and the world’s economy.

Meanwhile, the ringgit was traded lower against a basket of major currencies.

The local note depreciated against the euro to 4.4612/4647 from 4.4551/4586 at Tuesday’s close and fell against the British pound to 5.2977/3018 from 5.2833/2874 yesterday.

It also declined vis-a-vis the Japanese yen to 3.2771/2799 from 3.2662/2690 on Tuesday and slipped against the Singapore dollar to 3.2162/2192 from 3.2141/2170 previously. — Bernama / pic Bloomberg


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