Malaysian Ringgit Higher Against US Dollar at Opening On US-Mexico Trade Deal

KUALA LUMPUR, Sept 21 (Bernama) -- The Malaysian ringgit opened stronger against the US dollar on Friday helped by news of a US-Mexico trade agreement, dealers said. At 9 am, the ringgit stood at 4.1290/1330 against the greenback from 4.1350/1400 on Thursday. FXTM Global Head of Currency Strategy and Market Research Jameel Ahmad said the ringgit managed to find some support from a weakening greenback after news filtered through that the United States had unexpectedly reached a trade agreement with Mexico. However, he said the emerging market sentiment remains pressured with concerns still present about the protracted trade negotiations between the United States and China, which are yet to publicly yield any progress. “The ringgit has, for the most part, traded in a narrow range, with 4.10 remaining as a psychological pivot point in the US$/MYR,” he told Bernama. The ringgit, however, was traded mostly lower against other major currencies. It depreciated against the Singapore dollar to 3.0256/0289 from 3.0216/0261 on Thursday but strengthened against the Japanese yen to 3.6686/6725 from 3.6837/6898 Thursday. It went down against the euro to 5.4771/4845 from 5.4594/4677 and decreased against the British pound to 4.8623/8687 from 4.8380/8459. -- BERNAMA