Ringgit opens higher post Budget 2020

KUALA LUMPUR (Oct 14): The ringgit opened higher against the US dollar on improved buying demand for the local note, a dealer said.

At 9am, the local note was at 4.1780/1810 versus the greenback, from Friday’s 4.1840/1870.

“Our ringgit received a boost following the tabling of Budget 2020, which not just aimed at improving the country’s economy but also tackling issues faced by the people including job opportunities, ensuring women’s wellbeing and placing more emphasis on education and religious institutions.

“We hope this will further increase the confidence level among foreign investors,” he said.

The ringgit, however, traded mixed against other major currencies.

It appreciated against the yen to 3.8589/8627 from 3.8691/8729 and improved against the euro to 4.6054/6104 from 4.6103/6153.

Vis-à-vis the Singapore dollar, the local currency went down to 3.0459/0489 from 3.0438/0471 and depreciated to 5.2618/2672 from 5.2292/2346 against the British pound.

Source: TheEdgeMarkets