Ringgit opens higher against US dollar

KUALA LUMPUR: The ringgit opened higher against the US dollar today on strong demand, in line with its regional peers which performed better versus the greenback.
At 9am, the local unit was quoted at 4.2735/2775 against the greenback from Thursday's close of 4.2780/2810.
A dealer said the emerging markets' currencies, including the ringgit, had strengthened against the US dollar as investors shied away from the greenback after US President Donald Trump threatened to shut down the government and terminate the North American Free Trade Agreement.
"Besides, many investors remained in wait-and-see mode for US Federal Reserve Chair Janet Yellen's financial stability speech at the on-going Jackson Hole Economic Policy symposium today," he said.
Meanwhile, the dealer said, the higher crude oil prices also lent support to the ringgit's performance.
Overnight benchmark Brent crude oil futures rose 0.6% to US$52.36 (US$1 = RM4.27) per barrel due to the likelihood of output cut by the Organisation of the Petroleum Exporting Countries, coupled with the potential hurricane hit at Texas coast, the major oil field in the US.
The ringgit also traded higher against a basket of other major currencies.
It rose against the yen to 3.8949/9003 from Thursday's close of 3.9111/9142 and strengthened against the pound to 5.4714/4769 from 5.4861/4904 yesterday.
Vis-a-vis Singapore dollar, the local unit advanced to 3.1379/1424 from 3.1419/1453 previously and grew against the euro to 5.0406/0462 from 5.0438/0482 on Thursday. — Bernama