Ringgit continues uptrend to open higher

ringgit-dollarKUALA LUMPUR: The ringgit continued its uptrend to open higher on continued buying support for the local note, a dealer said.

At 9.08 am, the local note was traded at 4.4210/4260 against the greenback from 4.4250/4300 at 6pm on Wednesday.

The dealer said more foreign investors were switching their focus to Asian currencies including the ringgit, after US President Donald Trump said the greenback was too strong and that the Federal Reserve must keep interest rates low.

“News by the president has sent the greenback to a five-month low versus the yen,” the dealer said.

Although the ringgit was traded lower against other major currencies, Bank Negara’s move to develop the onshore financial market could soon boost the local currency.

The central bank is expected to hold a briefing soon on the second series of initiatives to develop the onshore financial market.

Meanwhile, today, the ringgit fell against the Singapore dollar to 3.1649/1707 from 3.1580/1620 on Wednesday and weakened against the yen to 4.0616/0665 from 4.0341/0401, previously.

The ringgit depreciated against the British pound to 5.5475/5555 from 5.5295/5379 and was lower against the euro at 4.7146/7203 from 4.6297/6989 yesterday.