Ringgit higher against US dollar in early trading

KUALA LUMPUR: The ringgit was higher against the US dollar this morning on better demand for the local note following cautious remarks from the US Federal Reserve.

At 9.09 am, the ringgit stood at 4.1850/1900 versus the US dollar from 4.1900/1950 at close yesterday.

A dealer said investors’ interest shifted towards the ringgit after US Federal Reserve Chairman Jerome Powell signalled some concerns on the economic outlook for the giant economy.

“Powell left market players confused with his statement as he emphasised the US economy was strong but was not sure how long the recovery could last,“ he added.

Meanwhile, market players would also be monitoring the announcement of Malaysia’s gross domestic product performance for the third quarter of 2018, to be released later today.

Against other major currencies, the local note was traded mixed.

It fell against the Singapore dollar to 3.0423/0471 from 3.0406/0499 and weakened against the euro to 4.7441/7502 from 4.7284/7345.

It rose against the Japanese yen to 3.6850/6900 from 3.6946/6996 and improved against the British pound to 5.3505/3586 from 5.3569/3650. — Bernama

Source link

Leave a Reply

Your email address will not be published.