Ringgit opens firmer against US dollar

ringgit-dollarKUALA LUMPUR: The ringgit opened higher against the US dollar, in early trade, on mild demand from exporters and the greenback’s renewed weakness, a currency dealer said.

At 9 am, the local unit stood at 4.2745/2775 against the greenback compared with yesterday’s close of 4.2800/2830.

“Bolstered by month-end exporters’ demand for the ringgit coupled with the expected weakness in US data and concerns that the US economic growth could be slowing down, had lent support to the ringgit.

“Chart wise, the pair (US dollar versus ringgit) faced strong resistance near the 4.30 level which seemed difficult to propel further gains for the local unit,” said the dealer.

However, the ringgit eased against other major currencies, except the Singapore dollar.

The local currency traded slightly higher against the Singapore dollar to 3.1537/1571 from 3.1542/1569 yesterday but weakened against the yen to 3.8760/8798 from Monday’s 3.8712/8743.

It eased against the British pound to 5.6445/6501 from 5.6128/6180 yesterday and depreciated against the euro to 5.0546/0599 from 5.0217/0261on Monday.