Possibility of war and expects the issue to be resolved through diplomacy, local note was traded #Ringgit opens higher!

Malaysia: The ringgit opened higher against the US dollar today on the greenback's weakness due to weaker-than- expected economic data, and geopolitical tension in North Korea.

At 9am, the local unit was quoted at 4.2465/2495 versus the greenback, from yesterday's 4.2585/2615.

A dealer said the number of US jobs created in August fell short of expectations, and the figures for jobs created in June and July were also revised lower.

"Any hopes that the dollar would continue its rebound with an encouraging US jobs report appears to have been thrown out the window, following a hat-trick of losses in the recently-released jobs report for August,” said the dealer.

Geopolitical tension in North Korea, following the East Asian country's sixth nuclear test, also pressured the dollar, but the market discounts any possibility of war and expects the issue to be resolved through diplomacy.

The local note was traded mixed against a basket of other major currencies.

It advanced against the Singapore dollar to 3.1397/1434 from Tuesday's close of 3.1416/1455, but depreciated against the yen to 3.9077/9115 from 3.8926/8964. It weakened against the British pound to 5.5357/5401 from yesterday's 5.5054/5105, but strengthened against the euro to 5.0618/0671 from 5.0595/0644 on Tuesday.

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