Ringgit opens higher against US dollar

ringgit-dollarKUALA LUMPUR: The ringgit extended its uptrend against the US dollar on the first day of the second half of the year touching the 3.9 level at the opening as currency markets continued to stabilise after the Brexit surprise.

At 9.03 am, the ringgit was higher at 3.9900/9950 against the greenback from Thursday’s closing of 4.0280/0350.

Meanwhile reports said the British pound came under renewed pressure after the Bank of England’s governor Mark Carney saw the need for more stimulus for Britain’s economy after the surprise Brexit vote last week.

The global benchmark Brent crude, that was trading at US$50.04 per barrel at 0026 GMT, up 33 cents from its previous settlement, also helped to support the local note.

Against other major currencies, the ringgit was traded higher.

It rose against the Singapore dollar to 2.9635/9694 from 2.9850/9913 on Thursday and appreciated against the yen to 3.8753/8832 from 3.9171/9251 previously.

The local unit was higher against the British pound at 5.3223/3305 from 5.4293/4412 on Thursday and strengthened against the euro to 4.4345/4420 from 4.4791/4873 previously.