Ringgit opens higher tracking firmer yuan on trade optimism

If US-China talks take positive turn, local note could trend below 4.17-level against dollar. FMTNews

KUALA LUMPUR: The ringgit rebounded from its recent losses to open higher against the US dollar today, tracking the firmer Chinese yuan this morning due to US-China trade optimism.

“This is because stock market outflows have continued to weigh on the ringgit sentiment this week,” he said in a note today. In the near term, Dass expected the local note could reach 4.13–4.15, should trade talks between the US and China take a positive turn. “We are looking at the ringgit to trade between 4.05 and 4.10 against the US dollar, with the yuan strengthening between the 6.93 and 6.95 levels, supported mainly by the striking of the trade deal between the US and China.

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