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.
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