Ringgit opens higher against US dollar

KUALA LUMPUR: The ringgit continued its upward momentum against the greenback today, bucking the trend of regional peers due to Malaysia’s stable economic fundamentals.

At 9am, the ringgit was up to 4.1580/1620 against the greenback from 4.1730/1760 at Tuesday’s close.

The market was closed on Wednesday and Thursday for the Hari Raya Aidilfitri holiday.

A dealer said the ringgit’s appreciation was backed by strong trade data and the Nikkei Purchasing Managers Index released earlier week, which indicated Malaysia’s economic standpoint is stronger than other emerging nations at this moment.

“With the global economic slowdown as well as heightened trade tensions between the United States. China, India and Mexico, threats of new tariffs will continue. Hence, our strength is in having a solid economic foundation to fall back on,” he told Bernama.

He added that with oil prices facing a tough year ahead, the market has started to impact the global economy.

At the opening, the ringgit traded higher against a basket of major currencies.

It appreciated against the yen to 3.8333/8381 from 3.8614/8652 at Tuesday’s close, rose versus the pound to 5.2761/2816 from 5.2851/2910 and was higher at 4.6865/6931 from 4.6930/6980 against the euro.

Vis-a-vis the Singapore dollar, the local unit was slightly higher at 3.0468/0509 to 3.0487/0520 at Tuesday’s close.