Foreign traders are back, Malaysia's excellent performance at the 2017 SEA Games. #Ringgit opens higher

Malaysia: The ringgit opened higher against the US dollar today on improved investor sentiment with the greenback also retreating against regional currencies.

At 9am, the local unit was quoted at 4.2645/2685 versus the greenback from 4.2690/2720 on last Wednesday.

A dealer said the ringgit rose on commercial demand and expectation of better data on the local economy due this week – external trade statistics and Bank Negara's foreign reserves.

The local note was traded mostly higher against a basket of other major currencies except the yen.

It advanced against the Singapore dollar to 3.1444/1493 from Wednesday's close of 3.1482/1514, improved against the pound to 5.5110/5187 from 5.5168/5220 last week and gained against the euro to 5.0752/0804 from 5.1010/1063 previously.

Vis-a-vis the yen, the ringgit weakened to 3.8927/8971 from 3.8837/8882 last Wednesday.

The banks open today and foreign traders are back after the long holiday break for Merdeka Day, Hari Raya Aidiladha.

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