Ringgit inches up against us dollar at opening

At 9am, the local currency stood at 4.1430/1480 against 4.1450/1490 recorded at yesterday's closing. — Reuters pic
At 9am, the local currency stood at 4.1430/1480 against 4.1450/1490 recorded at yesterday’s closing. — Reuters pic

, Oct 5 — The ringgit opened slightly higher against the today due to local factors following reports that the World Bank has predicted would sustain growth and achieve high-income status between 2020 and 2024.

At 9am, the local currency stood at 4.1430/1480 against 4.1450/1490 recorded at yesterday’s closing.

A dealer said the World Bank projects Malaysia’s economy to grow at 4.9 per cent due to strong growth in private consumption, which shows the country’s sound economic foundation.

However, as an emerging market, the ringgit’s performance is influenced by external factors.



“Oil prices, trade tensions and the US economy are the three major influences on our currency at the moment,” she told Bernama.

Benchmark crude fell from US$86.13 per barrel at close yesterday to US$84.94 at 9am today.

Meanwhile, the ringgit was traded mostly lower against other major currencies.

It increased against the dollar to 2.9993/3.0036 from 3.0023/0059 yesterday and slid versus the Japanese yen to 3.6326/6380 from yesterday’s 3.6252/6296.

The local note went down against the euro to 4.7690/7764 from 4.7647/7705 yesterday, and fell against the British pound to 5.3958/4040 from 5.3802/3871 yesterday. — Bernama

Source: The Malay Mail Online





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