KUALA LUMPUR: The ringgit opened slightly higher against the US dollar today backed by better oil prices, said a dealer.
At 9am, the ringgit stood at 4.1820/1870 versus the US dollar from 4.1830/1880 on Thursday.
Oanda Head of Trading Asia-Pacific Stephen Innes said oil prices showed signs of recovery, a positive sign for oil producing countries, after plunging early this month to an 11-month low.
However, he said the currency was exposed to external factors, especially the trade policy talks that would take place between the United States and China at the G20 summit today (30 Nov) in Buenos Aires.
“The global markets are in a stand-off amid ongoing trade uncertainties. While sentiment leaned more optimistic on headlines suggesting US-China pursue a new trade “architecture”, without knowing what that architecture entails and not sure what Saturday’s G20 dinner will bring, markets are still driving blindfolded,“ he told <i>Bernama</i>.
US President Donald Trump and Chinese President Xi Jinping, will meet over dinner in Saturday to discuss about trade policies.
Meanwhile, the ringgit traded mixed against other major currencies.
It decreased against the Singapore dollar to 3.0523/0567 from Thursday’s close of 3.0495/0552, rose against the yen to 3.6862/6922 from 3.6923/6977 and depreciated against the euro to 4.7620/7694 from 4.7561/7626 yesterday.
It also appreciated versus the British pound to 5.3446/3514 from 5.3455/3535 on Thursday. — Bernama