Ringgit opens slightly higher against US dollar

By Bernama - May 27, 2020 @ 9:52am

KUALA LUMPUR: The ringgit strengthened against the US dollar at the opening today on renewed buying interest amid stabilising oil prices, said an analyst.

At 9.02am today, the local note was quoted at 4.3450/3600, compared with Friday's close of 4.3610/3690.

The market was closed on Monday and Tuesday for the Hari Raya Aidilfitri celebration.

AxiCorp global chief market strategist Stephen Innes said the ringgit is in the midst of a tug-of-war between stabilising oil prices and heightened United States-China trade tension.

"The latter will be a significant concern, going forward, since US President Donald Trump has made it clear that his election campaign will be laced with anti-China rhetoric," he said in a note today.

The US administration alleges that China is being less than transparent in handling the coronavirus crisis, added Innes.

Meanwhile, the ringgit was traded mixed against a basket of benchmark currencies.

The local currency rose against the Singapore dollar to 3.0657/0771 from Friday's close of 3.0638/0698, and jumped against the Japanese yen to 4.0389/0539 from 4.0567/0653 previously.

However, it had eased against the euro to 4.7665/7842 from 4.7562/7667 earlier, and depreciated against the British pound to 5.3535/3733 from 5.3078/3118 previously. - Bernama