Ringgit marginally higher against US dollar at opening

The Ringgit is improving against the US dollar.

KUALA LUMPUR: The ringgit opened marginally higher against the US dollar today on improved oil prices, recovering some demand for the local note, dealers said.

At 9 am, the ringgit rose to 4.1850/1900 against the greenback compared with 4.1870/1900 at last Friday’s close.

Benchmark Brent crude was trading 0.56% better at US$67.85 per barrel, as at the time of writing.

A dealer also said the receding US-China trade tension has eased worries among investors following reports that US President Donald Trump may ease restrictions against Huawei Technologies as part of a bigger trade deal with China.

On the local front, Prime Minister Dr Mahathir Mohamad on the weekend said that the government was looking to attract more foreign investments to boost the country’s economy and further strengthen the ringgit.

While acknowledging that the trade war was affecting the ringgit’s performance, the situation according to him could be avoided if Malaysia did not rely heavily on imports.

The ringgit, however, traded lower against a basket of major currencies.

It was easier versus the Singapore dollar at 3.0452/0499 from Friday’s 3.0404/0431 and depreciated against the Japanese yen to 3.8226/8282 from 3.8178/8216.

The local note declined versus the British pound to 5.3246/3330 from 5.3158/3213 and fell against the euro to 4.6897/6970 from 4.6844/6894 on Friday.