Ringgit opens stronger against dollar

KUALA LUMPUR: The ringgit opened slightly higher against the US dollar today backed by positive market sentiment and higher oil prices, said a dealer.

At 9am, the ringgit was quoted at 4.0720/0780 against the greenback compared 4.0740/0780 yesterday.

The United States and China are making constructive progress in their trade discussions, however, it is still not crystal clear if the US would impose extra tariffs on China’s goods on March 1.

“Following the trend of the talks going on between both parties, investors believe that the 90-day trade truce will be extended and this has boosted market sentiment for now,” the dealer said, adding that US President Donald Trump and Chinese President Xi Jinping are expected to meet at a later date to continue their discussions on the matter.

Higher oil prices also boosted the ringgit’s performance.

As of 9am, the benchmark Brent crude was hovering at US$64.84 per barrel compared with US$63.64 per barrel yesterday.

Compared with a basket of other major currencies, the ringgit was traded mostly lower.

It declined slightly against the Singapore dollar to 2.9985/0034 from 2.9980/0014 and slipped against the yen to 3.6881/6945 from 3.6703/6742 yesterday.

The ringgit also fell against the euro to 4.5973/6061 from 4.5881/5947 but appreciated against the British pound to 5.2101/2182 from 5.2282/2353 on Thursday.