KUALA LUMPUR: The ringgit opened higher against the US dollar today on improved demand for the currency, a dealer said.
At 9 am, the local unit was traded at 4.4440/4480 against the US dollar from 4.4470/4510 on Wednesday.
A dealer said there was a mild buying support for the ringgit following a retreat in the greenback, after traders took profits from the safe haven currency.
“The US dollar went down, despite a robust economic data released in the US, coupled with President Donald Trump’s announcement on corporate tax cuts,” the dealer said.
He also said the market expected Bank Negara to announce a positive set of Gross Domestic Product growth data for 2016 and for the last quarter of last year.
Against a basket of major currencies, the ringgit was traded lower.
It fell against the Singapore dollar to 3.1318/1350 from 3.1240/1288 and versus the yen, it decreased to 3.8982/9031 from 3.8842/8884.
Vis-a-vis the British pound, the ringgit weakened to 5.5372/5444 from 5.5223/5281 and compared with the euro, it depreciated to 4.7191/7242 from 4.6943/6989 on Wednesday. -- Bernama