Ringgit inches up against US dollar at opening

KUALA LUMPUR: The ringgit inched up against the US dollar on Wednesday, albeit at a slower pace, following global scenario of inflation and economic policy tightening.

At 9 am, the local currency eased to 4.3930/3960 versus the US dollar from Tuesday’s close of 4.3935/3960.

ActivTrades Trader Dyogenes Rodrigues Diniz said the dollar may continue to appreciate in the medium and long term.

“The bullish move of the US currency comes amid growing tension in Asia surrounding North Korea’s military exercises, prompting the US to conduct combined military exercises along with South Korea,” he said.

Meanwhile, the ringgit was lower against a basket of major currencies, except for the yen.

The local note slipped against the Singapore dollar to 3.1937/1964 from 3.1936/1957 yesterday and fell against the British pound to 5.5242/5280 from 5.4963/4994.

It also weakened against the euro to 4.6970/7002 from 4.6892/6919 on Tuesday’s close but increased vis-a-vis the Japanese yen to 3.3020/3045 from 3.3109/3130. — Bernama