Ringgit marginally higher in early session

KUALA LUMPUR: The ringgit traded marginally higher against the US dollar in early session today driven by positive demand for the local note on bullish economic sentiment in the local market, dealers said.

At 9am, the ringgit was quoted at 4.0620/0660 compared to 4.0760/0810 last Friday.

A dealer said investors reacted well on Malaysia’s positive consumer price index (CPI) data released last week.

According to the data released by the Statistic Department, the CPI declined in January, the first in nearly a decade with the overall index decreased 0.7% in Jan 2019 to 120.5 compared with 121.3 in the corresponding month of the preceding year.

Meanwhile, the local unit was mostly higher against a basket of currencies except for the euro.

The local unit depreciated against the British pound to 5.3078/3147 from 5.3065/3135 and was higher against the Japanese yen at 3.6674/6720 from 3.6770/6825 on Friday.

It improved against the Singapore dollar to 3.0091/0132 versus 3.0119/0165 and went up versus the euro to 4.6079/6141 from Friday’s close of 4.6214/6287.