Ringgit opens higher as market pivots to Budget 2019

Ringgit banknotes in Kuala Lumpur. (AFP pic)

KUALA LUMPUR: The ringgit opened slightly higher against the US dollar today as the market pivots to the upcoming 2019 Budget, said a dealer.

At 9am, the local currency stood at 4.1510/1540 against 4.1550/1600 recorded at yesterday’s closing.

Oanda Head of Trading in Asia-Pacific Stephen Innes said the local note’s performance was also influenced by yesterday’s news that the government is looking to shore up deficits by selling off assets and possibly looking at new taxes.

“Markets don’t like taxes but love it when a government addresses deficiencies,” he told Bernama.

Meanwhile, the ringgit was traded lower against all other major currencies.

It fell against the Singapore dollar to 3.0071/0104 from 2.9959/9999 yesterday and slipped versus the Japanese yen to 3.6728/6768 from 3.6724/6785.

The local note decreased against the euro to 4.7761/7813 from 4.7575/7640 and fell against the British pound to 5.4598/4658 from 5.4190/4259.