Strong export data lifts ringgit in early trading

KUALA LUMPUR: The ringgit was higher against the US dollar in the early trading today as market sentiment for the local note was lifted by the country’s strong exports data.

At 9.14am, the ringgit was traded at 4.1930/1980 against the greenback from 4.2020/2050 at the close yesterday.

A dealer said exports increased 1.7% year-on-year to RM87.96 billion due to higher exports to Taiwan, the United States, China and Singapore, while imports declined 5.9% to RM73.69 billion.

“Malaysia’s trade surplus in July 2019 rose 75.6% year-on-year to RM14.27 billion. This higher surplus helped strengthen the ringgit’s sentiment,” he added.

Meanwhile, the ringgit was traded mostly higher against other major currencies, except against the British pound, where it fell to 5.1318/1395 from 5.1214/1267.

The local currency rose against the Singapore dollar to 3.0287/0330 from 3.0311/0341, inched up against the yen to 3.9397/9455 from 3.9556/9588 and gained against the euro to 4.6261/6329 from 4.6306/6343.