Ringgit gains in early trade

KUALA LUMPUR: The ringgit extended yesterday’s uptrend to opened higher against the US dollar this morning as demand for the greenback was fragile amid uncertainty about the US-China trade talks, dealers said.

At 9am, the ringgit was quoted at 4.0700/0740 compared to Tuesday’s close of 4.0780/0830.

He said the greenback was under pressure as the next round of trade talks between the United States and China took place Tuesday in Washington, with the White House urged Beijing to keep the value of the yuan stable as part of trade negotiations between the world’s two largest economies.

The move was aimed at neutralising any effort by the Chinese to devalue its currency to counter American tariffs.

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

It fell against the Singapore dollar to 3.0081/0115 from 3.0052/0093 yesterday, weakened against the British pound to 5.3154/3223 from 5.2680/2761, and contracted versus the euro to 4.6182/6236 from 4.6085/6158.

The local note, however, appreciated vis-a-vis to the Japanese yen to 3.6753/6796 from 3.6812/6867 previously.