Ringgit higher on mild buying support

Ringgit banknotes in Kuala Lumpur. (AFP pic)

KUALA LUMPUR: The ringgit opened marginally higher against the US dollar at Friday’s opening on mild buying support for the local note, a dealer said.

At 9am, the local currency stood at 4.1520/1560 against 4.1580/1600 recorded at yesterday’s closing.

“This slightly higher ringgit won’t last long as we expect the trade war to escalate, which will favour the greenback,” the dealer said.

Other than that, the ringgit was also supported by stronger crude oil prices, he said.

At 9.31am, benchmark Brent crude rose to US$80.48 per barrel after a market retreat with falls in equity markets and indications that supply concerns have been overblown.

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

It fell against the Singapore dollar to 3.0203/0234 from 3.0124/0143 yesterday, slipped versus the euro to 4.8155/8205 from 4.8054/8094 and depreciated against the British pound to 5.4964/5034 from 5.4873/4916.

The local note traded higher against the Japanese yen at 3.7019/7061 from 3.7052/7080.