Ringgit higher in early trade

ringgit-dollar

KUALA LUMPUR: The ringgit opened higher on Friday, amid the volatility in global markets, which was heavily influenced by geopolitical tensions, said a dealer.

At 9am, the local note was traded at 4.2960/2990 against the greenback from 4.2970/3000 yesterday.

“The ringgit closed higher for three consecutive days this week in line with other emerging Asian currencies.

“The rising conflict between the United States and North Korea, as well as, issues surrounding US’s monetary policy and its shrinking balance sheet saw the greenback turning softer.

“But it (softer greenback) seems to benefit emerging Asian currencies,” he added.

The ringgit, however, was traded weaker against other major currencies, except the British pound.

It depreciated against the Singapore dollar to 3.1061/1103 from 3.1048/1081 on Thursday but rose against the British pound to 4.5689/5737 from 5.5702/5762 yesterday.

The ringgit eased against the yen to 3.7937/7974 from 3.7879/7912 yesterday and shed against the euro to 4.9047/9086 from 4.8827/887 on Thursday.