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Friday, 25 August 2017

#Ringgit traded higher against a basket of other major currencies.


Malaysia: The ringgit opened higher against the US dollar today on strong demand, in line with its regional peers.
At 9am, the local unit was quoted at 4.2735/2775 against the greenback, from Thursday's close of 4.2780/2810.
A dealer said emerging markets' currencies have strengthened against the US dollar as investors shied away after US President Donald Trump threatened to shut down the government and terminate the North American Free Trade Agreement (Nafta).
"Many investors also remain in a wait-and-see mode for US Federal Reserve Chair Janet Yellen's financial stability speech at the on-going Jackson Hole Economic Policy symposium," he added.
Meanwhile, higher crude oil prices also lent support to the ringgit's performance. The overnight benchmark Brent crude oil futures rose 0.6 per cent to US$52.36 per barrel due to the likelihood of an output cut by the Organisation of Petroleum Exporting Countries (OPEC), coupled with a potential hurricane hit on the Texas coast, a major oil field in the US.
The ringgit also traded higher against a basket of other major currencies.
It rose against the yen to 3.8949/9003 from Thursday's close of 3.9111/9142, and strengthened against the pound to 5.4714/4769 from 5.4861/4904 yesterday. Vis-a-vis the Singapore dollar, the local unit advanced to 3.1379/1424 from 3.1419/1453 previously, and grew against the euro to 5.0406/0462 from 5.0438/0482 on Thursday.

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