21 May 2019, Tuesday | 07:50am

Ringgit rises on demand for emerging currencies


KUALA LUMPUR: The ringgit opened higher against the US dollar early Thursday as the weaker greenback sentiment spurred demand for emerging currencies, dealers said.

At 9 am (0100 gmt), the ringgit stood at 4.0850/0880 against the US dollar from 4.0865/0905 at the close Wednesday

A dealer said the US currency was under pressure as the country's economic data fell short of market expectations, affirming bets that the Federal Reserve would not raise interest rates in the near term.

Against other major currencies, the ringgit was traded lower.

It fell against the Singapore dollar to 3.0185/0212 from 3.0134/0168 on Wednesday, contracted versus the Japanese yen to 3.6719/6756 from 3.6706/6752 and decreased against the euro to 4.6275/6329 from 4.6153/6219.

The local currency also depreciated vis-a-vis the British pound to 5.4265/4309 from 5.3668/3729 as the United Kingdom lawmakers ruled out a no-deal exit from the European Union.- Bernama


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