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Ringgit Opens Unchanged Against US$ Friday

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KUALA LUMPUR: The ringgit opened unchanged against the US dollar on Friday on subdued buying momentum ahead of the weekend, dealers said.

At 9 am(0100GMT), the local unit was quoted at 3.9450/9500 versus the greenback from 3.9450/9510 at 5pm on Thursday.

A dealer said the ringgit was flat at the opening after hitting a 10-week high versus the US dollar yesterday as government bond prices extended gains after Bank Negara Malaysia’ surprise interest rate cut on Wednesday.

“However, we hope the local note will continue its bullish momentum, which is also in tandem with other emerging currencies.

“This will be mainly driven by the decision by the Bank of England to cut its lending rate, which will provide a fresh global wave of stimulus,” the dealer said.

Against a basket of major currencies, the ringgit was traded lower.

Versus the the Singapore dollar, the local currency fell to 2.9353/9394 from 2.9287/9354 and against the yen it eased to 3.7386/7444 from 3.7333/7401.

Vis-a-vis the British pound, the ringgit declined to 5.2760/2851 from 5.2141/2248 while compared with the euro it fell to 4.3833/3904 from 4.3813/3896 on Thursday.

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