Ringgit firmer against US Dollar in early trade

Ringgit firmer against US Dollar in early trade

KUALA LUMPUR: The ringgit opened firmer against the US dollar today as the greenback retreated ahead of the US presidential election outcome, an analyst said.

At 9.05am, the local currency was traded at 4.1480/1560 versus the US dollar compared with yesterday’s close of 4.1650/1710.

Axi chief global market strategist Stephen Innes said the ringgit is trading more favourably on two fronts — higher oil prices which come as a surprising and much welcome relief, and easing of the US-China geopolitical fears as Donald Trump vacates the White house — that should see the ringgit bounces a bit.

“Caution should be exercised over the next few days, however, as currency traders refocus on possible US dollar safe-haven flows if the presidential election result is legally challenged, which could hold Asia currencies back a bit,” he told Bernama.

Meanwhile, the ringgit weakened against other major currencies but improved against the British pound.

The local currency rose against the British pound to 5.3776/3909 from yesterday’s close of 5.4024/4110.

It fell slightly against the Singapore dollar to 3.0529/0602 from 3.0502/0559, weakened against the euro to 4.8655/8788 from 4.8626/8701and was lower vis-a-vis the yen at 3.9785/9885 from 3.9704/9769 previously. -Bernama