Ringgit rises against US dollar in early session

 

KUALA LUMPUR: The ringgit appreciated against the US dollar in the early session today on renewed buying interest after Malaysia recorded a higher trade surplus by 0.2% month-on-month at RM26.7 billion in March 2023, said an analyst.

The trade surplus marked the 35th consecutive month of trade surplus since May 2020 and the highest trade surplus ever recorded for March.

At 9.03am, the local note was pegged at 4.4295/4350 versus the greenback from yesterday’s closing rate of 4.4385/4435.

ActivTrades trader Dyogenes Rodrigues Diniz said the trade surplus measured the difference in value between exported and imported goods and services over the reported period and would in normal circumstances encourage more investors to buy the ringgit.

Meanwhile, the ringgit traded mostly higher against a basket of major currencies.

It advanced against the Japanese yen to 3.2840/2886 from 3.2919/2959 at the close on Wednesday, appreciated against the British pound to 5.5041/5109 from 5.5100/5162 but eased to 4.8525/8585 from 4.8508/8563 vis-a-vis the euro.

At the same time, the local note was also traded higher against Asean currencies.

It was higher against the Indonesian rupiah to 295.5/296.2 from 296.1/296.8 and rose against the Singapore dollar to 3.3180/3223 from 3.3190/3230.

The ringgit went up to 7.86/7.88 against the Philippine peso from yesterday’s close of 7.89/7.91 and increased against the Thai baht to 12.8578/8790 from 12.8719/8917. - FMT