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Wednesday, 14 March 2018 | MYT 11:16 AM

Ringgit higher against US$ on continued buying demand

KUALA LUMPUR: The ringgit remained higher against the US dollar early Wednesday on continued buying demand for the local note, while benefiting from the fallout arising from the sudden dismissal of US Secretary of State, Rex Tillerson, a dealer said.

At 9 am(0100 gmt), the local note was quoted at 3.8920/8970 from 3.8950/9010 on Tuesday.

“US President Donald Trump showed Rex Tillerson the Whitehouse revolving door overnight.

“Meanwhile, the weaker US consumer price index, softer US yields and robust seven-year MSG auction yesterday, saw favourable overnight demand for the ringgit. This is despite Malaysia's January industrial output coming in at below forecast,” OANDA Head of Trading Asia-Pacific, Stephen Innes told Bernama.

Tuesday, the Statistics Department released Malaysia's industrial production index, which grew three per cent year-on-year in January 2018, well below the market expectation of 7.1 per cent.
The ringgit traded lower against a basket of major currencies.

It fell against the Singapore dollar to 2.9678/9721 from 2.9645/9692 on Tuesday and weakened against the British pound to 5.4398/4472 from 5.4063/4161. Vis-a-vis the yen, the ringgit was lower at 3.6476/6530 from 3.6348/6410 and weaker against the euro at 4.8234/8307 from 4.8021/8099. - Bernama