Ringgit opens higher against the US dollar early in trading | Money


A cashier counts RM50 banknotes in George Town on November 27, 2019. – Photo by Sayuti Zainudin

KUALA LUMPUR, June 11 – The ringgit opened higher against the US dollar today as the greenback loses ground due to rising inflation, a broker said.

At 9:02 am, the local currency rose to 4.1150 / 1200 against the greenback since Thursday’s close of 4.1200 / 1220.

ActivTrades trader Dyogenes Rodrigues Diniz said U.S. jobless claims data released on Thursday showed rising inflation, but not as much as some had feared, is the main reason the dollar failed to gain more ground against the ringgit.

“The four-week average US jobless claims data has been revised to 405,000 claims from 385,000, while this week’s result has beaten expectations of 370,000 to 376,000 claims.

“The US labor market has not yet fully recovered and the Federal Reserve is not required to change its policy until employment returns to pre-Covid-19 levels,” he said. -he declares.

Meanwhile, the local note was traded for a basket of major currencies.

The ringgit edged up against the euro at 5.0108 / 0169 from Thursday’s close of 5.0120 / 0144 and gained against the yen at 3.7607 / 7657 from 3.7622 / 7640 yesterday.

Local unit slipped to 3.1094 / 1134 against the Singapore dollar from 3.1085 / 1102 previously and weakened against the British pound to 5.8314 / 8385 from 5.8084 / 8112 earlier. – Bernama

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