Ringgit extends gains to open higher against US dollar

Ringgit extends gains to open higher against US dollar

KUALA LUMPUR,. The ringgit extended yesterday’s uptrend to trade higher against the US dollar in early session today, as more investors shifted interest away from the safe haven due to concerns on the global economic outlook, dealers said.

At 9.20am, the local note stood at 4.1270/1300 versus the greenback compared with yesterday’s close of 4.1370/1400.

A dealer said that the greenback retreated against most currencies from the early week gains it made after the US Federal Reserve chairman Jerome Powell gave a bearish comment on the US economic outlook last night.

He said crosscurrents such as trade tensions and concerns about global growth have been weighing on the US economic activity and outlook.

The ringgit, however, traded mixed against a basket of major currencies.

It fell against the Japanese yen to 3.8163/8195 from 3.7985/7017 on Wednesday but strengthened versus the Singapore dollar to 3.0390/0428 from 3.0392/0426.

The ringgit depreciated against the euro to 4.6462/6500 from 4.6425/6476 but rose against the pound to 5.1604/1658 from 5.1646/1700 previously. — Bernama