Risk sentiment remains extraordinarily fragile, and investors are playing their cards very close to their chest. #Ringgit higher

Malaysia: The US dollar’s weakness lifted the ringgit higher against the greenback at opening today but trading sentiment remained cautious amid the lingering trade war concerns, a dealer said.

At 9am, the ringgit was quoted at 3.8620/8655 compared with Monday’s 3.8690/8730.

Oanda Head of Trading Asia-Pacific Stephen Innes said the ringgit is struggling to make headway this week as trade war tensions continued to boil under the surface and inflows dropped to a trickle.

“Risk sentiment remains extraordinarily fragile, and investors are playing their cards very close to their chest,” he said.

The local unit, however, was traded lower against a basket of major currencies.

It fell against the Singapore dollar to 2.9445/9483 from 2.9438/9477 on Monday and depreciated against the yen to 3.6168/6204 from 3.6108/6149.

The ringgit eased against the pound to 5.4593/4647 from 5.4518/4590 and was lower against the euro at 4.7584/7642 from 4.7457/7518.

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