Ringgit recovers ground against US Dollar

KUALA LUMPUR: The ringgit recovered its position in opening slightly higher against the US dollar today, following a week of weakening against the greenback due to external factors.

At 9 am, the local note was traded at 4.0970/1020 versus the US dollar from last Friday’s close of 4.1050/1080.

A dealer said tensions between the United States (US) and Turkey, as well as the US and China, had calmed down and this helped improve investor confidence.

“The contagion effect of tensions in Turkey has subsided. The forecasted meeting between President Donald Trump and Chinese leader Xi Jinping in November to discuss the escalating US-China trade tensions has also been well received by investors,” he added.

Meanwhile, the ringgit slipped against a basket of other currencies.

It went down against the British pound to 5.2196/2280 from 5.2150/2204 last Friday and was lower against the euro at 4.6837/6910 from 4.6723/6765.

The local unit improved against the yen to 3.7070/7126 from 3.7129/7173, but declined against the Singapore dollar to 2.9879/9922 from 2.9842/9868.