Ringgit opens higher against US dollar

ringgit-dollarKUALA LUMPUR: The ringgit opened higher against the US dollar today as investors lost appetite for risk ahead of US President Donald Trump’s meeting with Chinese President Xi Jinping this week, said dealers.

At 9 am, the local note traded at 4.4280/4320 against the greenback from Tuesday’s close of 4.4300/4330.

A dealer said the Trump-Xi summit would likely discuss trade as well as foreign currency exchange, among others.

“Investors are currently shifting their interest to emerging currencies, including the ringgit,” he said.

Market sentiment was also impacted on news of St. Petersburg’s metro bombing on Monday, while traders were also keeping an eye on US employment data, due this week, for fresh direction.

The ringgit was traded mostly higher against other major currencies.

It rose marginally against the Singapore dollar to 3.1660/1698 from 3.1661/1691 on Tuesday and improved against the yen to 3.9975/0029 from 4.0087/0132.

The local note strengthened against the British pound to 5.5098/5152 from 5.5202/5253 on Tuesday and was lower against the euro at 4.7291/7343 from 4.7202/7242 yesterday.