Ringgit opens higher against US$ as yuan firms


  • Forex
  • Wednesday, 12 Feb 2020

KUALA LUMPUR: The ringgit extended yesterday’s uptrend to open higher against the US dollar today on better risk appetite for the local currency.

At 9am, the ringgit was quoted at 4.1290/1320 against the greenback from 4.1320/1350 on Tuesday. A dealer said despite a stronger US dollar due to concerns over the Covid-19 outbreak made investors sought the greenback as a safe-haven asset, the ringgit performed better tracking the firmer Chinese yuan.

Most of the Asian currencies strengthened after China injected 1.7 trillion yuan (US$242.74 billion) via reverse repo to cushion the economic damage from the virus outbreak, he said.

Back home, he said, the fourth-quarter 2019 gross domestic product announcement scheduled later today by the Bank Negara Malaysia would give fresh market catalyst.

The ringgit was mostly higher against other major currencies.

It rose against the Singapore dollar to 2.9767/9800 from 2.9780/9806 on Tuesday, appreciated vis-a-vis the Japanese yen to 3.7581/7612 from 3.7608/7639, and improved versus the euro to 4.5064/5113 from 4.5088/5138 yesterday.

The local currency, however, weakened against the British pound to 5.3491/3547 from 5.3456/3511 previously. - Bernama

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