Ringgit extends gains at opening

KUALA LUMPUR: The ringgit extended its upward momentum last week to open higher against the US dollar this morning, backed by positive sentiments for the local currency.

AxiTrader chief Asia market strategist Stephen Innes said the ringgit’s outlook remained positive as trade risk had abated following the latest development in the US-China trade deal.

At 9am, the ringgit was traded at 4.1180/1230 versus the US dollar, compared with Friday’s close of 4.1260/1290.

Speaking to Bernama, he said the ringgit continued to trade favourably on the back of the “phase one” trade deal and firmer oil prices.

Innes said Brent crude oil prices, which was trading at a three-month high at US$66.89 per barrel, would benefit the local oil and gas industry players.

Meanwhile, the local note was traded mixed against a basket of major currencies.

It rose against the Singapore dollar to 3.0463/0511 from Friday’s 3.0491/0524 and strengthened against the Japanese yen to 3.7628/7684 from 3.7680/7718 previously.

However, the ringgit decreased against the British pound to 5.3933/4003 from 5.3927/3970 last week and depreciated against the euro to 4.6068/6136 from 4.5951/6001.