Ringgit opens higher today

KUALA LUMPUR, Nov 20 — The ringgit opened higher against the US dollar today on higher demand as a result of the positive spillover from Malaysia’s 6.2 per cent economic growth recorded in the third quarter of this year.

At 9am, the local unit was traded at 4.1560/1600 against the greenback from last Friday’s close of 4.1600/1630.

 A dealer said the better economic performance prompted buying momentum for the local note.

OANDA Head of Trading Asia-Pacific Stephen Innes said investors were taken aback by the US tax bill uncertainty.

“Amid limited Thanksgiving week liquidity conditions and zero chance of any additional tax reform transparency from the Senate, ahead of the holiday, political uncertainty will continue.

“With little news expected on the tax reform front, the current muddled US$ trend should continue,” he told Bernama.

Meanwhile, the ringgit was traded mostly higher against a basket of major currencies.

The ringgit was higher against the Singapore dollar at 3.0640/0678 from 3.0656/0685 last Friday but decreased against the yen to 3.7054/7096 from 3.6961/6998.

The local unit appreciated against the euro to 4.8804/8868 from 4.9055/9103 and rose against the British pound to 5.4876/4945 from last Friday’s 5.5120/5168. — Bernama

The Malaysia Mail via Bernama

 

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Stephen Innes

Stephen Innes

Head of Trading APAC at OANDA
Stephen has over 25 years of experience in the financial markets and currently based in Singapore as the Head of Trading Asia Pacific with OANDA. Stephen's market views focus on the movement of G-10 and ASEAN Currencies. His views appear in Bloomberg, CNBC.Reuters, New York Times WSJ and the Economist. His media appearances include Bloomberg TV & Radio, BBC International, Sky TV, Channel News Asia, ASTRO AWANI and BFM Malaysia. Stephen has an extensive trading experience in Spot and Forward FX, Currency and Interest Rate Futures, Money Market Derivatives and Precious Metals. Before joining OANDA, he worked with organisations like Nat West, Chemical Bank, Garvin Guy Butler, and Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes
Stephen Innes

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