Ringgit higher on better demand for local note

KUALA LUMPUR: The ringgit opened higher against the US dollar in early trade today, boosted by better demand for the local note amidst discouraging overnight US economic data.

At 9am, the ringgit was traded at 4.1580/1630 against the greenback from 4.1590/1630 at yesterday’s close.

AxiTrader chief Asia market strategist, Stephen Innes said equities started the week a touch softer, while S&P500 was down 0.2% heading into the close, with similar declines seen in Europe.

Meanwhile, the US 10-year treasury yields fell slightly while oil closed lower in the New York trading session.

“With a plethora of event risks, this week including the Federal Open Market Committee and the run-up to the Dec 15 US tariff deadline; the ringgit appears to be more than content to coattail the movement of the regional currency bellwether Yuan,” Innes told Bernama.

The ringgit was traded higher against a basket of major currencies.

The local note rose to 4.6000/6059 from 4.6015/6076 and better against the Singapore dollar to 3.0569/0610 from 3.0581/0615 at Monday’s close.

It improved against the yen at 3.8273/8330 from 3.8328/8372 and gained against the British pound to 5.4640/4727 from 5.4703/4773, previously.