KUALA LUMPUR: The ringgit opened higher against the US dollar in early trade today on better demand amidst positive geopolitical movement as exit polls showed the United Kingdom’s (UK) Conservatives set to win a strong majority in British general election said, dealers.
At 9am, the ringgit was traded at 4.1380/1420 against the greenback from 4.1580/1610 at Thursday’s close.
OANDA Europe senior market analyst, Craig Erlam said should the exit polls prove to be accurate, it will be a huge boost for Boris Johnson, ensuring his Brexit deal pass through the Parliament and the UK leaves the European Union at end of January.
The pound he said, soared as Boris’ gamble that getting Brexit done mattered most to the British public has proven correct and he now has a strong mandate to deliver on the will of the people.
“The volatility we’re seeing in sterling is likely to continue but markets have made their feelings clear and they’re pleased,” he told Bernama.
The ringgit was traded mostly higher against a basket of major currencies.
The local note rose against euro to 4.6226/6287 from 4.6262/6308 but trimmed against the British pound to 5.5693/5768 from 5.4815/4871 at Thursday’s close.
It improved against the yen at 3.7776/7823 from 3.8256/8287 and better against Singapore dollar to 3.0607/0638 from 3.0646/0672 previously. — Bernama
