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Malaysia: Ringgit higher against USD on mild buying

KUALA LUMPUR, Mar 13: The ringgit was higher against the US dollar today on mild buying for the local unit, following weak US wages data that pressured the greenback, a dealer said.

At 9 am, the local note was quoted at 3.9020/9050 from Monday’s 3.9030.9060.

“The market remains a range play with investors very cautious as the emerging market currencies recover. A stronger jobs headline with subdued wage inflation should continue to prove supportive of the ringgit this week,” OANDA Head of Trading Asia-Pacific, Stephen Innes told Bernama.

However, he said the potential escalation in trade tension continues to linger.

Given the constant barrage of US increasing oil production headlines weighing on oil prices, the ringgit, Innes noted, is getting little support from energy prices.

Meanwhile, the local note was lower versus a basket of major currencies.

It fell against the Singapore dollar to 2.9732/9764 from 2.9678/9712 on Monday and weakened against the British pound to 5.4250/4311 from 5.4076/4122. Vis-a-vis the yen, the ringgit was lower at 3.6676/6715 from 3.6627/6666 and weaker against the euro at 4.8143/8184 from 4.8054/8095.– Bernama

Source: http://www.themalaysiantimes.com.my/ringgit-higher-usd-mild-buying/