Ringgit kicks off higher against US dollar

As the US dollar softens, a better demand for the ringgit is seen in early trade. — Picture by Saw Siow Feng
As the softens, a better demand for the ringgit is seen in early trade. — Picture by Saw Siow Feng

, Jan 10 — The ringgit was higher against the US dollar, in early trading, on better demand for the local note as the US dollar was under pressure as the United States Federal Reserve was anticipated to put a hold its rate tightening cycle in 2019.

At 9.16am, the ringgit stood at 4.1030/1080, versus the US dollar, up 100 basis points, from 4.1130/1160 yesterday.

Besides, the mood in the local market was also lifted by signs of progress made in US- trade talks, as the trade tensions between the two large had rattled markets for most of 2018.

Meanwhile, the ringgit traded mostly lower against other major currencies, except against the dollar. It rose to 3.0296/0351 from 3.0310/0336 recorded yesterday.



The local unit declined against the yen to 3.8015/8069 from 3.7755/7796, weakened against the British pound to 5.2469/2550 from 5.2445/2504 and was lower against the euro at 4.7369/7435 from 4.7135/7178 yesterday. — Bernama

Source: The Malay Mail Online



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