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Ringgit strengthens against US dollar at opening

July 26, 2018 3:48 AM
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Ringgit strengthens against US dollar at opening

KUALA LUMPUR: The ringgit carried on yesterday's positive momentum to open higher against the US dollar, as market players opined that the biggest currency beneficiaries post-European Union-US trade announcement have been the commodity-linked and carry-trade riskier currencies.

OANDA Head of Trading in Asia-Pacific, Stephen Innes said with the oil prices back on the up, the local currency should trade with a positive bias in today's session.

At 9am, the local note was quoted at 4.0480/0510 versus the greenback from Wednesday's close of 4.0530/0580.

"However, exuberance will likely be tempered by all the unknowns surrounding the US-China trade dispute," he added.

Yesterday, the US and European Union agreed to a "zero tariff" deal and iron out issues related to trade barriers and subsidies between the two largest economies.


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