Ringgit

The ringgit opened lower against the US dollar after the greenback staged a revival in early trade this morning, dealers said.

At 9.05 am, the local unit stood at 4.2790/2830 against the greenback compared with Friday’s close of 4.2770/2800.

A dealer said the greenback rose as investors were optimistic on the back of the positive US employment report and a possible reduction in US corporate tax rate.

“A statement from the National Economic Council Director Gary Cohn on lowering the corporate tax rate sent uplifting vibes among investors,” a dealer said.

Against other major currencies, the local note was, however, higher.

The local unit rose against the Singapore dollar to 3.1463/1504 from 3.1534/1570 on Friday and strengthened against the yen to 3.8647/8687 from 3.8857/8895.

The ringgit increased against the British pound to 5.5854/5910 from 5.6264/6312 on Friday and improved against the euro to 5.0441/0505 from 5.0811/0864, previously.- BERNAMA

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