Monday, April 30, 2018

Ringgit edges up against US dollar at opening

The ringgit opened slightly higher against the US dollar today on mild demand for the local note and after the benchmark US 10-year Treasury yield fell three basis point last Friday.

At 9.07am, the local unit was quoted at 3.9130/9200 against the US dollar from the 3.9170/9205 recorded at close on Friday.

Meanwhile, a dealer said the market was still in a fidgety mood with geopolitical risks unlikely to abate given the possibility that the US-China trade standoff could extend to a more global dispute.

“German Chancellor Angela Merkel did not appear to successfully persuade US President Donald Trump to drop his protectionist measures and halt US tariffs on imported steel and aluminium from Europe, leaving the two economic powers teetering on the brink of a trade war,” he added.

Meanwhile, the ringgit traded mostly lower against a basket of major currencies, except for the British pound, in rising to 5.3894/3994 from 5.4031/4103.

The local unit fell against the Singapore dollar to 2.9550/9614 from 2.9531/9562, declined to 3.5873/5940 from 3.5834/5869 vis-a-vis the yen and eased to 4.7453/7542 from 4.7317/7375 against the Euro. — Bernama

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