Firmer ringgit at start of trade against US dollar

Firmer ringgit at start of trade against US dollar

KUALA LUMPUR,. The ringgit opened higher against the US dollar in the early trading session today on improved buying interest and amid easing US-China trade war tensions.

At 9 am, the ringgit was quoted at 4.0460/0500 against the US dollar compared with 4.0500/0530 recorded at last Friday’s close.

A dealer said the subdued trade tensions had helped restore investor confidence and risk appetite in emerging currencies, including the ringgit.

“Moreover, the USD-MYR had shown an upside fatigue after the failure to break the 4.0515 level last week,” he added.

He also said investors were awaiting key economic data from China and the US for further investment direction.

China is scheduled to release its gross development product and industrial production data today, and the US will release its June retail sales and industrial production data later today and tomorrow.

Against a basket of major currencies, the ringgit traded mostly lower, except the yen.

It fell against the Singapore dollar to 2.9639/9679 from 2.9620/9651, was lower against the euro at 4.7269/7332 from 4.7122/7161 and slid against the British pound to 5.3553/3614 from 5.3189/3236 on Friday.

The ringgit strengthened against the yen to 3.5968/6013 from 3.6006/6043.

— Bernama