Ringgit higher on moderate demand for the local note

Ringgit higher on moderate demand for the local note

Uncertainty over additional tariffs on US$160 bil worth of Chinese goods boosts local note.

KUALA LUMPUR:
The ringgit opened higher against the US dollar in early trade today, on moderate demand for the local note amidst uncertainty over a Dec 15 deadline for additional US tariffs on US$160 billion worth of Chinese goods, said dealers.

At 9am, the ringgit was traded at 4.1580/1630 against the greenback from 4.1630/1660 at Tuesday’s close.

A dealer said traders are waiting for a decision on higher tariffs on China-made goods by the US, ahead of the mid-month deadline.

“Trade uncertainties were persistent ahead of key interest rates decisions by the US Federal Reserve and the European Central Bank,” he told Bernama.

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

The local note declined against euro to 4.6116/6188 from 4.6105/6155 at yesterday’s close.

It improved against the yen at 3.8227/8284 from 3.8330/8368, gained against the British pound to 5.4607/4689 from 5.4768/4816 and better against Singapore dollar to 3.0592/0640 from 3.0610/0637 previously.

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