Ringgit opens slightly higher against US dollar

12 Mar 2018 / 10:15 H.

KUALA LUMPUR: The ringgit opened slightly higher against the US dollar today, supported by demand for the local note, a dealer said.
At 9am, the local note was quoted at 3.9020/9080 from last Friday's 3.9100/9140.
The dealer said the ringgit received some mild demand despite positive US jobs growth data, which was at its strongest in over 1-1/2 years.
"However, the wage gains slowed more than expected, leading the Federal Reserve to put on hold its idea of raising interest rates," he added.
OANDA Head of Trading Asia-Pacific, Stephen Innes said the strong payrolls growth in February which swept past all expectations, as tempered by softer-than-expected average hourly earnings reading, leaving the market with a bit of dilemma ahead of the March Federal Open Market Committee forward guidance.
"Ultimately this risk to the environment will benefit the Malaysian ringgit, while local assets are cheering on the prospects of improving North Korea-US relations.
"Currently, the market is caught between a stronger US dollar and the Japanese yen and buoyant regional equity market, which suggested we will trade within recent ranges. Besides, higher oil prices will also boost the local note," he told Bernama.
Meanwhile, the local note was mixed against a basket of major currencies.
It fell against the Singapore dollar to 2.9664/9719 from 2.9653/9694 last week and weakened against the British pound to 5.4054/4141 compared with 5.3997/3060. Vis-a-vis the yen, the local note was higher at 3.6481/6547 from 3.6610/6662 and better against the euro at 4.8018/8104 from 4.8093/8158. — Bernama


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