Thursday , March 30 2023

Ringgit higher than the US dollar at the start of trading


KUALA LUMPUR: Ringgit was higher than the US dollar this morning, on a better demand for the local note, following cautious observations from the US Federal Reserve.

At 9.09 am, the ringgit was 4.1850 / 1900 against the US dollar at 4.1900 / 1950 at yesterday's closing.

A trader said investors' interest turned to circle after US Federal Reserve Chairman Jerome Powell raised some concerns about the economic prospects of the gigantic economy.

"Powell has left market players confused with his statement because he stressed that the US economy is strong but was not sure how long it will take recovery," he added.

Meanwhile, market players would also monitor the announcement of Malaysia's gross domestic product performance for the third quarter of 2018, which will be released later today.

Against other major currencies, the local note was mixed.

It fell against the Singapore dollar at 3.0423 / 0471 from 3.0406 / 0499 and weakened against the euro to 4.7441 / 7502 from 4.7284 / 7345.

It rose against the Japanese yen at 3.6850 / 6900 from 3.6946 / 6996 and improved against the pound at 5.3505 / 3586 from 5.3569 / 3650. – Bernama

Source link