Ringgit opens flat against US dollar

Ringgit opens flat against US dollar

KUALA LUMPUR,. The ringgit opened flat against the US dollar in early trading session today as traders stayed on the sidelines for fresh leads, in view of easing geopolitical tensions in the Middle East.

As at 9.15am, the ringgit was at 4.0880/0910 against the US dollar from 4.0880/0930 at yesterday’s close.

In a note, Oanda senior market analyst for Asia-Pacific, Jeffrey Halley said the latest Middle East crisis appeared to be over with the announcement by US President Donald Trump that no further action was forthcoming from the United States as Iran’s missiles attack caused no casualties on its troops in Iraq.

“That all means that it will be back to business as usual, i.e. getting long the Asian post-trade agreement recovery trade, buying equities anywhere and generally hunting for yield in any form.

“Early indications from Asia are that precisely that is happening with Asian stock markets enjoying a robust start,” he added.

Meanwhile, the ringgit traded lower against a basket of major currencies, except against the Japanese yen, where it rose to 3.7327/7364 from 3.7350/7406.

The local note declined to 3.0255/0279 against the Singapore dollar from 3.0243/0285 at the close yesterday, it fell against the British pound to 5.3414/3457 from 5.3250/3332 and it weakened against the euro at 4.5401/5439 from 4.5369/5440. — Bernama

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