Ringgit higher in early trade

ringgit-dollarKUALA LUMPUR: The ringgit opened higher against the the US dollar today on the back of firmer domestic economic data released by the Ministry of International Trade and Industry (MITI) last Friday and the strengthening of the crude oil price, said a dealer.

At 9.04 am, the local note was traded at 4.2950/3000 against the greenback from 4.2970/3000 last Friday.

Malaysia’s trade grew by 31.5% to RM153.3 billion in May 2017, up from the RM116.6 billion recorded in the same month of last year, MITI said.

The dealer said he was optimistic that along with the continuing domestic demand growth, a steep rebound in both exports and external demand should provide further support for Malaysia’s economic growth.

The global benchmark Brent crude oil prices, which were on an uptrend, were trading at around US$47 a barrel, or 0.81%, today.

Meanwhile, on the global front, the Group of 20 Summit in Hamburg, Germany over the weekend did not have much impact on markets today.

The ringgit was also traded higher against other major currencies.

It gained versus the Singapore dollar to 3.1074/1130 from 3.1088/1123 on Friday and rose against the euro to 4.8963/9037 from 4.9046/9085 last week.

The local note appreciated against the yen to 3.7609/7663 from 3.7799/7829 on Friday and was firmer versus the pound at 5.5367/5436 from 5.5466/5522 previously.