Ringgit opens slightly higher against US dollar

KUALA LUMPUR: The ringgit opened slightly higher against the US dollar today with market sentiment remaining guarded as the world braces for the US presidential election which will be held on Nov 5.

At 8.03 am, the local note edged up to 4.3400/3595 against the greenback compared with last Friday’s close of 4.3405/3450.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US presidential election next week will be high on the agenda especially when the opinion polls showed a very tight race between the two candidates.

He added that the ruling party Liberal Democratic Party (LDP) has not managed to secure a majority of seats in the general election in Japan, leading to uncertainties on the coalition formation and the subsequent policies that will be prescribed.

“The yen weakened against the US dollar by 0.42 per cent to 152.95 yen owing to concerns over the Japanese political situation,” he told Bernama.

At home, he noted that the US dollar index (DXY) is up 0.09 per cent to 104.353 points.

“On that note, ringgit could stay sideways or slightly weaker today as the US dollar gains more strength,” he added.

In the early session, the ringgit was higher against a basket of major currencies.

It edged up versus the yen to 2.8401/8533 from 2.8554/8586 at last Friday’s close, it increased vis-a-vis the British pound to 5.6246/6499 from 5.6348/6407 and improved against the euro to 4.6872/7083 from 4.6977/7026 previously.

Meanwhile, the ringgit traded mixed versus ASEAN currencies.

It strengthened vis-a-vis the Singapore dollar at 3.2807/2957 from 3.2870/2907 at the close last Friday, however it slipped versus the Thai baht to 12.8577/12.9228 from 12.8425/8619 previously.

The local currency was unchanged against the Philippine peso to 7.44/7.48 from 7.44/7.45 at the previous close and also flat against the Indonesian rupiah to 277.3/278.7 from 277.3/277.8 last Friday. – Bernama