'Feel good factors' has increased Malaysian economy. #Ringgit opens high!

Malaysia: The ringgit opened higher against the US dollar today on improved investor sentiment towards the local unit due to recent good news on higher foreign reserves and a better-than-expected economic growth report.

At 9am, the ringgit was quoted at 4.2750/2800 versus the greenback from 4.2780/2800 on Wednesday.

A dealer said US President Donald Trump's remarks on terminating the North American Free Trade Agreement (Nafta) had also dragged down the US dollar.

On the local front, higher foreign reserves of US$100.40 billion as at Aug 15 and the recent surprising second-quarter gross domestic product growth data had lifted investors' confidence in the country.

"The 'feel good factors' have increased demand for the local currency," the dealer added.

However, the local note was traded mostly lower against a basket of other major currencies.

It fell against the Singapore dollar to 3.1404/1459 from Wednesday's close of 3.1380/1411, eased against the yen to 3.9152/9209 from 3.9126/9148 yesterday, and weakened against the euro to 5.0475/0551 from 5.0391/0418 on Wednesday.

Vis-a-vis the pound, the ringgit advanced to 5.4682/4750 from 5.4750/4784 previously.

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