Ringgit Opens Marginally Higher Against US Dollar

By ROSEMARIE KHOO MOHD SANI KUALA LUMPUR, July 24 (Bernama) -- The ringgit opened marginally higher against the US dollar Friday, weighed by the firmer global oil prices, a dealer said. As at 9 am, the local unit opened 4.2550/2620 against the greenback compared with 4.2560/2610 Thursday. As at the time of writing, benchmark Brent crude for August contract was up 0.25 per cent at US$43.42 per barrel. However, the escalating tensions between the United States (US) and China curbed the slight positive trajectory of the ringgit. “Investors are currently consolidating its assets in emerging markets due to the heightened pressure between the two economic powerhouses,” the dealer told Bernama. The rising number of jobless claims in the US for the first time since March to 1.4 million last week, amid a resurgence in COVID-19 cases in the country, had also weakened demand for the greenback. Meanwhile, the ringgit was traded mostly lower against other major currencies. It decreased versus the British pound to 5.4290/4383 from 5.4166/4251 and weakened against the euro to 4.9413/9512 from yesterday's 4.9331/9398. The local unit eased vis-a-vis the Japanese yen to 3.9938/4.0008 from 3.9716/9767 on Thursday but marginally rose against the Singapore dollar to 3.0731/0797 from 3.0734/0774 on Thursday. -- BERNAMA