Ringgit Opens Higher Vs US Dollar, Tracking firmer Regional Currencies

By Fatin Umairah Abdul Hamid

KUALA LUMPUR, Sept 19 (Bernama) -- The ringgit opened higher against the US dollar on Friday, tracking the firmer performance of regional currencies despite the continued strength of the greenback.

At 8 am, the local note stood at 4.1865/2100 against the greenback compared with Thursday’s close of 4.1945/1995.  

However, at 8.09 am, the ringgit had eased to 4.2005/2105.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit was expected to trade within the RM4.19 to RM4.21 range as profit-taking activities may emerge following the stronger performance of the US Dollar Index (DXY).

"The DXY was up 0.49 per cent to 97.348 points, supported by record highs in US equities, while US Treasury yields declined,” he told Bernama.

He noted that on Thursday, the ringgit had depreciated by 0.21 per cent against the greenback to RM4.197, staying below the RM4.20 psychological level, although it briefly touched RM4.2013 during mid-day. 

At the opening, the ringgit was higher against a basket of major currencies.

It strengthened versus the Japanese yen at 2.8297/8457 from 2.8484/8520 at Thursday's close, improved to 5.6744/7062 against the British pound from 5.7238/7306 and was higher vis-a-vis the euro to 4.9355/9632 from 4.9654/9714 previously.

The local note was also firmer against ASEAN currencies

It appreciated versus the Singapore dollar at 3.2661/2847 from 3.2800/2842, increased against the Thai baht at 13.1209/2037 from 13.1903/2114 yesterday, rose to 253.3/254.8 against the Indonesian rupiah from 253.7/254.2 and firmer vis-a-vis the Philippine peso at 7.33/7.38 compared with Friday’s 7.35/7.36.

-- BERNAMA