Ringgit opens marginally higher against US dollar

KUALA LUMPUR: The ringgit opened marginally higher against the US dollar today driven by a more optimistic sentiment on the US-China trade negotiation, making the ringgit slightly more appealing to investors, dealers said.

At 9am, the ringgit was trading at 4.1670/1700 against the greenback from yesterday’s close of 4.1680/1710.

Axi Trader Asia-Pacific market strategist Stephen Innes said confidence on the US-China trade deal was tapering over gloomy regional economic data, especially from China.

“The shift on trade deal confidence may have turned currency focus back to the economic realities, and without a domestic growth, trade deal optimism alone is not enough to carry the day.

“While short term price action will like trade biased to trade war euphoria for the longer-term views, it is back to the basics around the economic data,” Innes said in a note.

Meanwhile, the local note also fared better against other major currencies.

The ringgit went up against the Singapore dollar at 3.0577/0610 from 3.0607/0633 yesterday and appreciated against the yen to 3.8349/8387 from 3.8404/8435.

The local note rose against the euro to 4.6091/6141 from 4.6202/6252 and gained vis-a-vis the British pound to 5.3813/3864 from 5.3946/3002.