Ringgit opens higher against US dollar

14 Jun 2019 / 10:10 H.

KUALA LUMPUR: The ringgit rose against the US dollar on Friday morning on improved demand for the local note amid global geopolitical uncertainties and the unresolved US-China trade dispute, a dealer said.

At 9 am, the ringgit was at 4.1630/1680 against the greenback from 4.1650/1680 at Thursday’s close.

MIDF Research in a note said an attack by an unknown party on two oil tankers in the Gulf of Oman and Strait of Hormuz has put the Arabian/Persian Gulf region which produces much of the world’s oil supply, on the edge.

“Meanwhile, Walmart Inc, Target Corp and more than 600 other companies urged US President Donald Trump in a letter on Thursday to resolve the trade dispute with China, saying tariffs hurt American businesses and consumers,” it said.

At the opening, the ringgit, however, traded mixed against a basket of major currencies.

It appreciated against the Singapore dollar to 3.0454/0495 from 3.0477/0504 at Thursday’s close, depreciated versus the yen to 3.8422/8471 from 3.8401/8440 but strengthened against the euro to 4.6938/7011 from 4.7006/7061.

Vis-a-vis the pound, the local unit was unchanged at 5.2766/2834 to 5.2766/2825 at last Thursday’s close. — Bernama

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