Ringgit higher against US dollar


KUALA LUMPUR: The ringgit was higher versus the US dollar early Thursday on mild buying support for the local note, a dealer said.

At 9am(0100gmt), the ringgit stood at 4.2920/2960 against the greenback from 4.2960/2990 on Wednesday.

Investors were more interested in purchasing Asian currencies, including the ringgit, compared with the US dollar after the greenback traded lower versus the euro following the announcement by European Central Bank (ECB) President Mario Draghi that ECB could trim its stimulus this year.

Asian currencies were taking advantage of the dollar’s weakness.

The greenback fell to almost a one-year low Wednesday against the euro as investors priced in a tighter monetary policy in Europe, the dealer said.

Against a basket of major currencies, the local note was traded mostly lower except against the yen, It depreciated against the Singapore dollar to3.1047/1090 from 3.0996/0020.

Vis-a-vis the euro, the ringgit slipped to 4.8869/8923 from 4.8798/8845, eased against the British pound to 5.5556/5616 from 5.5053/5109 but rose against the yen to 3.8233/8272 from 3.8289/8333 Wednesday.

Source: Bernama