Ringgit edges up against US dollar at opening

Ringgit sees a return of mild buying to open higher against the US dollar. — AFP pic
Ringgit sees a return of mild buying to open higher against the US dollar. — AFP pic

KUALA LUMPUR, April 17 — The ringgit opened slightly higher against the US dollar on buying support for the local note, a dealer said.

At 9.01am, the ringgit was quoted at 3.8850/8900 from yesterday’s close of 3.8865/8905.

The dealer said the ringgit received some mild buying support from locals ahead of the 14th General Election (GE14).

“The market is positioning itself for a stronger ringgit into the election, so with a base forming around 3.87, the logical move it to reduce shorts and wait for the better level to re-engage long RM positions.

“So, we should expect the US dollar/RM to trade within and continue to revert to the upper levels of the current ranges,” he added.

The ringgit traded lower against a basket of major currencies.

It eased against the Singapore dollar to 2.9663/9706 from 2.9634/9669 and depreciated against the yen to 3.6305/6359 from 3.6251/6292.

The ringgit declined against British pound to 5.5723/5810 from 5.5585/5646 and vis-a-vis the euro, fell to 4.8112/8189 from 4.8049/8110. — Bernama

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