Ringgit outlook boosted on economic, trade developments

KUALA LUMPUR: The ringgit opened slightly higher today with investors positive on its outlook, said a dealer.

At 9am, the ringgit was quoted at 4.1310/1340 compared with 4.1320/1350 at yesterday’s close.
The dealer said that with the revival of mega infrastructure projects, the renewed trade relationship with China is expected to boost the ringgit further.

“With the US and China trade talks expected to resume in Beijing later today, investors are confident that it would reach an amicable solution, which will boost the ringgit further,” he said.

He said oil prices have been hovering between US$69 and US$74 per barrel, higher compared to earlier this year.

“As long as the price does not dip lower than US$50 per barrel, currencies of oil-producing countries like Malaysia will be fine,” he said.

At 9.10am, benchmark Brent crude was recorded at US$71.34 per barrel.

Meanwhile, the ringgit was traded mixed against other major currencies.

It was slightly up against the Singapore dollar at 3.0328/0361 from 3.0349/0382 yesterday, and appreciated versus the British pound to 5.3414/3473 from 5.3452/3507.

The local currency weakened vis-a-vis the yen to 3.7003/7040 from 3.6982/7019, and declined against the euro to 4.6185/6235 from 4.6113/6163. – Bernama

Source : TheStar