Ringgit opens higher against US dollar on better demand for local note

Ringgit opens higher against US dollar on better demand for local note
Business & Markets 2013
Written by Bernama
Wednesday, 21 August 2013 10:08

KUALA LUMPUR (Aug 21): The ringgit opened higher against the US dollar in early trading today on better demand for the local note, a dealer
said.

As at 9.17 am, The ringgit rose slightly higher against the US dollar to 3.2815/2845 from 3.2865/2895 yesterday.

Despite worries on the selling of Malaysian bonds by foreigners, UOB Head of Research and Investor Relations Jimmy Koh said Malaysia was still an attractive investment destination in terms of cost structure, stable fundamentals and efficient system.

"For this year and beyond, with better outlook in the external environment, investments will come back with more certainty and stability in the country's political landscape.

"Investments will flow in despite concerns over the country's fiscal position," he added.

Meanwhile, the local currency was traded mostly higher against other major currencies.

The ringgit rose against the Singapore dollar to 2.5727/5757 from 2.5740/5766 yesterday and was sharply higher against the yen to 3.3663/3711 from 3.3791/3832 on Tuesday.

The ringgit appreciated against the British pound to 5.1382/1439 from 5.1486/1546 yesterday but fell against the euro to 4.4041/4091 from 4.3944/3990 yesterday.