KUALA LUMPUR: The ringgit opened higher against the US dollar today on firmer demand, as the greenback weakened following discouraging updates announced at a central bankers’ conference last week.
At 9am, the local unit was quoted at 4.2645/2685 against the US dollar, from last Friday's close of 4.2710/2740.
A dealer said US Federal Reserve Chair Janet Yellen’s speech at the Jackson Hole Economic Policy Symposium last week did not provide any clue on the US’s monetary policy outlook.
Meanwhile, it was reported that Hurricane Harvey, which hit southeast Texas, would likely pressure the US dollar further, as damage from the storm may threaten the US economy. Texas's Gulf Coast is home to key oil and gas facilities that make up nearly a third of the US's refinery capability.
Meanwhile, the ringgit ended lower against other major currencies.
The ringgit eased against the Singapore dollar to 3.1451/1486 from 3.1397/1426 last Friday, and slid against the yen to 3.9059/9107 from 3.8980/8011. It declined against the euro to 5.0858/0923 from 5.0411/0455 on Friday, and fell against the British pound to 5.4957/5034 from 5.4801/4844 previously. — BERNAMA