Ringgit opens slightly higher against USD

Dec 19, 2016


The ringgit was marginally higher against the US dollar in early trade today, after having closed lower last week due to the impact of an increase in the US interest rates, a dealer said.

At 9 am, the ringgit was traded at 4.4750/4800 against the greenback from 4.4755/4795 last Friday.

FXTM Research Analyst Lukman Otunuga said the prospect of another US interest rate hike next year had encouraged investors to attack global stocks, emerging markets and commodities in trading last week.

“Participants also re-evaluated the likely impact of higher rates to emerging market economies,” he added in a statement.

The ringgit, however, traded mixed against major currencies.

Vis-a-vis the Singapore dollar, it rose to 3.0986/1027 from last Friday’s 3.1015/1058 and versus the yen, declined further to 3.8030/8076 from 3.7899/7959.

Against the British pound, the local currency fell to 5.5875/5955 from 5.5568/5640, while advancing against the euro to 4.6782/6856 from 4.6823/6887.– Bernama