Ringgit opens marginally higher against the US dollar

ringgit-dollarKUALA LUMPUR: The ringgit opened marginally higher against the US dollar this morning, but uncertainties continued to surround the foreign exchange market, dealers said.

At 9 am, the local unit stood at 4.2815/2855 against the greenback compared with last Friday’s close of 4.2820/2850.

A dealer said uncertainties surrounding President Donald Trump’s stimulus and tax reform agenda dampened investor sentiment.

Meanwhile, the oil prices were also flat on Monday after a steep fall in the previous session, amid growing expectation that the joint Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC ministerial meeting, later today, would address concerns over rising production, he said.

The ringgit was mostly lower against other major currencies except the British pound.

It eased against the Singapore dollar to 3.1419/1460 from last Frday’s 3.1375/1410, depreciated against the Japanese yen to 3.8600/8643 from 3.8362/8406 and weakened against the euro to 4.9939/0003 from 4.9868/9916, previously.

The local unit appreciated against the British pound to 5.5668/5737 from last Friday’s 5.5692/5744 on Friday.