Ringgit strengthens against US dollar in early trade

KUALA LUMPUR: The ringgit opened higher today against the US dollar supported by high demand for the local currency which was benefiting from political developments elsewhere.
At 9am, the local currency was quoted at 4.2750/2780 against yesterday’s close of 4.2810/ 2840.
FXTM Vice-President for Corporate Development and Market Research Jameel Ahmad said a lack of optimism around the likelihood that US President Trump will be able to push forward with his legislative reforms will put the spotlight firmly on Washington, which will result in further pressure on the greenback.
“As for other major currencies, the ongoing Brexit uncertainty was continuing to dominate headlines and another election in the United Kingdom at present will lead to an uncertainty in the market,” he said in a statement.
It rose against the Singapore dollar to 3.0846/0879 from yesterday’s 3.0881/0909, improved to 3.8527/8565 from 3.8540/8574 versus the Japanese Yen.
The local unit appreciated against the British pound to 5.4793/4848 from 5.5032/5088 and vis-a-vis the Euro it strengthened to 4.7756/7807 from 4.7789/7839. — Bernama