Ringgit trades slightly higher at opening

KUALA LUMPUR: The ringgit opened slightly higher against the US dollar today amidst mixed market appetite.

At 9.01am, the local note stood at 4.3200/3350 compared with yesterday’s close of 4.3250/3400.

AxiCorp global chief market strategist Stephen Innes told Bernama that the local risk sentiment should be more favourable today, as both the overnight US equity markets and oil prices moved higher in lockstep.

The ringgit also got a boost from the latest data from China, which saw the official manufacturing Purchasing Managers’ Index for March rebounding strongly to 52.0 from 35.7 in February.

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

It rose against the Singapore dollar at 3.0331/0453 from 3.0342/0450 at yesterday’s close and improved versus the Japanese yen to 3.9786/9936 from 4.0098/0249.

The local unit strengthened vis-a-vis the euro to 4.7593/7776 compared to 4.7869/8052 yesterday and appreciated against the British pound to 5.3261/3464 from 5.3569/3764.