Ringgit opens unchanged on cautious investor sentiment

Back at home, the local note traded higher against other major currencies. — AFP pic
Back at home, the local note traded higher against other major currencies. — AFP pic

KUALA LUMPUR, Feb 14 — The ringgit opened unchanged against the dollar as investors stayed on the sidelines for the release of Malaysia’s 2018 economic growth and last year’s fourth quarter gross domestic product (GDP) by Bank Negara Malaysia today.

 At 9am, the local unit stood at 4.0650/0700 against the greenback from 4.0650/0690 at yesterday’s close. 

According to a dealer, the GDP numbers to be released today would indicate the nation’s overall economic performance last year. 

“The numbers will also indicate the stability of the nation’s economy, its economic fundamentals as well as its future,” he said. 

On the external fronts, trade talks between US and China today and tomorrow is expected to end positively, resulting in a more positive sentiment towards the global market. 

“With a good GDP data and strong economic fundamentals coupled with positive external factors, I believed the ringgit can go higher to 4.03 to 4.04 (against the dollar) by end of the month,” he said 

Back at home, the local note traded higher against other major currencies. 

It rose against the Singapore dollar to 2.9905/9946 from 2.9982/0016 and improved against the yen to 3.6635/6690 from 3.6724/6764 at yesterday’s close. 

The ringgit also appreciated against the euro to 4.5780/5857 from 4.6016/6073 and strengthened against the British pound to 5.2247/2316 from 5.2382/2437. — Bernama