The ringgit advanced about 0.2 percent to 3.998 to the dollar, breaking the psychologically significant 4 level
KUALA LUMPUR: The ringgit opened marginally higher against the US dollar today on renewed demand, buoyed by positive spillover effect from the bullish October trade data and gross domestic product forecast, a dealer said.
At 9 am, the local unit opened at 4.0850/0880 against the greenback from 4.0870/0890 on Friday.
A dealer said the better trade performance prompted buying momentum for the local note.
Data released by the Ministry of International Trade and Industry showed that Malaysia's total trade in October 2017 surged 19.8 per cent year-on-year (y-o-y) to RM154.26 billion, with exports rising 18.9 per cent to RM82.41 billion.
The dealer said the local note should have a bit more room to rally as the real domestic and external positive sentiments outweighed speculative wagers on the US dollar.
Against a basket of major currencies, the ringgit was traded mostly higher, except against the euro.
It rose against the Singapore dollar to 3.0188/0230 from 3.0191/0217 on Friday, advanced against the yen to 3.5941/5976 from 3.5983/6011 and appreciated against the British pound to 5.4694/4746 from 5.5076/5107 previously.
The local note was traded lower against the euro at 4.8089/8128 from 4.7961/7997 on Friday. - Bernama
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
