Tuesday, 16 August 2016
KUALA LUMPUR: The ringgit extended Monday’s upward momentum to open firmer against the US dollar in early trade Tuesday on persistent buying interest in the local note.
At 9.02 am(0102gmt), the local unit was quoted at 3.9940/9990 against the greenback from Monday’s close of 4.0050/0100.
Forex Time Vice President of Corporate Development and Market Research Jameel Ahmad said the uptrend was also supported by an overnight increase in crude oil prices.
The price of the benchmark Brent Crude was at US$48.33 per barrel, up US$1.37 or 2.92 per cent.
“The rally in the price of oil over the previous two sessions would have benefited any currency that is dependent on export of the commodity as a means of gross domestic product.
“The dollar also dropped against a basket of currencies following a very unexpectedly weak US retail sales report,” he said in a statement.
The local note also traded higher against other major currencies.
It firmed against the Singapore dollar to 2.9742/9797 from Monday’s 2.9804/9847 and gained against the yen to 3.9525/9586 from 3.9646/9707.
The ringgit strengthened against the British pound to 5.1459/1555 from Monday’s 5.1693/1781 and rose against the euro to 4.4657/4721 from 4.4712/4784.
Source by: The Star Online