Ringgit extends gains against US dollar in early trade

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KUALA LUMPUR (Aug 24): The ringgit extended yesterday’s gains against the US dollar this morning, opening higher amid a weaker greenback and better local sentiment.


At 9am, the local note stood at 4.2210/2240 versus the greenback compared with yesterday’s close at 4.2245/2275.

A dealer said the US dollar retreated yesterday after posting its biggest weekly rise in more than two months last week as investors repositioned themselves ahead of the US Federal Reserve’s (Fed) Jackson Hole Economic Policy Symposium last Friday, an annual platform where the central bank could signal its monetary policy stance.

“This drove investors to look for other safe-haven assets or emerging currencies.

“The improved sentiment in the local market following the appointment of the [new] prime minister also supported interest in the ringgit,” a dealer told Bernama.


Meanwhile, the ringgit was traded lower against a basket of major currencies.

It eased against the Singapore dollar to 3.1108/1132 from 3.1083/1107 yesterday, and weakened versus the Japanese yen to 3.8453/8480 from 3.8387/8414 previously.

The local note depreciated vis-a-vis the British pound to 5.7899/7941, compared with yesterday’s close at 5.7740/7781, and fell against the euro to 4.9546/9581 from 4.9536/9572 previously.-BERNAMA