Ringgit higher in early trade

ringgit-dollarKUALA LUMPUR: The ringgit opened marginally higher on positive sentiment today, brought on by the 2017 Budget announcement last Friday, said a dealer.

At 9.10 am, the local unit was quoted at 4.1810/1880 against the dollar from Friday’s close of 4.1830/1890.

The dealer said the ringgit strengthened amid budget initiatives that revolved around government spending to accelerate growth.

This is despite the greenback being firm against a basket of currencies, buoyed by expectations of a US interest rate hike.

The ringgit traded higher against other major currencies in early trade today.

It rose against the Singapore dollar to 3.0004/0071 from 3.0027/0078 last Friday and strengthened against the yen to 4.0225/0312 from 4.0279/0341.

The ringgit also improved against the British pound at 5.1021/1131 from 5.1158/1248 and gained against the euro to 4.5452/5532 from 4.5595/5677.