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Thursday, 12 April 2018

Malaysia ringgit opened higher; rose against Singapore dollar, appreciated against yen, increased against the pound, higher against euro

Malaysia: The ringgit opened higher against the US dollar for the fourth consecutive day today on easing trade war concerns amid stronger oil prices, dealers said.
At 9 am, the ringgit was quoted at 3.8700/8730 compared with Wednesday’s 3.8730/8760.
A dealer said Chinese President Xi Jinping’s promise to cut import tariffs eased concerns about a US-China trade conflict, sending investors back into riskier markets.
“Global equities rallied and oil prices surged on Xi’s comments as fears about the risk of a trade war between the world’s two largest economies receded,” he said.
He added that fears of military conflicts in the Middle East on the threat of imminent US military action in Syria had also boosted oil prices.
Brent, the global benchmark for crude oil, stood at US$71.93 a barrel on Wednesday.
The local unit was also traded higher against a basket of major currencies.
It rose against the Singapore dollar to 2.9578/9612 from 2.9594/9628 on Wednesday and appreciated against the yen to 3.6192/6230 from 3.6206/6248.
The ringgit increased against the pound to 5.4911/4962 from 5.4966/5012 and was higher against the euro at 4.7887/7928 from 4.7940/7981.
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