Ringgit opens higher in early trade

ringgit-dollar

KUALA LUMPUR: The ringgit opened higher against the US dollar today.

At 9.07 am, the local unit was quoted at 4.1460/1510 against the greenback from Tuesday’s close of 4.1550/1600.

The US dollar retreated against some major currencies on doubts over more monetary stimulus in Europe.

A dealer said the US dollar was flat after the Bank of England’s Governor raised doubts on expectations of the central bank cutting interest rates soon.

Meanwhile, the ringgit continued to find support from the positive sentiment over the 2017 Budget as well as the stable renminbi.

The ringgit also traded higher against other major currencies in early trade today, except for the Japanese yen.

It rose against the Singapore dollar to 2.9823/9865 from 2.9862/9904 on Tuesday, improved against the British pound at 5.0415/0493 from 5.0857/0923 and gained against the euro to 4.5088/5155 from 4.5227/5286.

The local currency was marginally lower against the yen at 3.9777/9837 from 3.9776/9831 on Tuesday.