Ringgit opens higher in early trade

ringgit-dollarKUALA LUMPUR: The ringgit opened marginally higher this morning on higher interest for the local currency, a dealer said.

At 9 am, the local unit was quoted at 4.2630/2670 against the greenback from last Friday’s 4.2635/2665.

FXTM Research Analyst Lukman Otunuga said caution still lingered in the air as traders were alert of macroeconomic events that could spark extreme volatility in the market.

“With political uncertainty in the United States and soft economic data weighing heavily on the US dollar, the outlook remains tilted to the downside,” he said.

Lukman noted that investors were still questioning US President Donald Trump’s impeachable offence by sharing classified information with Russia and attempting to interfere with US-Russia relations.

Against a basket of major currencies, the ringgit was traded lower except against the British pound.

It slipped marginally against the Singapore dollar to 3.0798/0838 from 3.0795/0827 and depreciated versus the yen to 3.8755/8805 from 3.8615/8653 last Friday.

The local unit edged up to 5.3987/4042 from 5.4291/4351 compared with the British pound and declined against the euro to 4.7716/7769 from 4.7628/7674 last Friday.

The foreign exchange market was closed on Monday for the Nuzul Al-Quran public holiday.