Ringgit opens higher against the US dollar

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KUALA LUMPUR (May 18): The ringgit strengthened against the US dollar early today, with the latter trading significantly weaker following below-normal US retail sales data from last week .

At 9am, the local currency was trading at 4.1250 / 1290 against the greenback from yesterday’s close at 4.1290 / 1325.

Stephen Innes, global managing partner of SPI Asset Management, said that while a bearish US dollar remains broad consensus, concerns over Covid-19 cases continue to weigh on Asian currency trading.

“The pandemic and related issues have negatively biased local units where the sharp increase in cases has caused governments to reimpose lockdowns or revert to more restrictive mobility measures,” he said. Bernama.

During this time, the local note was exchanged for other major currencies.

The ringgit improved slightly against the Singapore dollar at 3.0913 / 0945 from yesterday’s close at 3.0915 / 0953 and strengthened against the yen at 3.7768 / 7808 against 3.7808 / 7847.

Local unity, however, eased against the British pound at 5.8365 / 8438 from 5.8223 / 8289 and fell against the euro to 5.0144 / 0196 from 5.0184 / 0235.



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