KUALA LUMPUR, Aug 29 – The ringgit opened flat against the weakening US dollar, amid tensions in North Korea and the storm disaster in Texas, United States, dealers said. At 9 am, the local unit was unchanged at Monday’s close of 4.2660/2690 against the greenback.
News reports that Asian currencies, including the ringgit, strengthened today after North Korea fired a missile over Northern Japan, saw trading in the region getting off to a tense start. “Investors were also accessing the flood damages caused by Hurricane Harvey in Texas, described as one of costliest natural disaster in the US,” said a dealer.
Texas is crucial to the US energy, chemical and shipping industries and the Texas Gulf coast was home to about 30 per cent of the US refining capacity, with about half of that now shuttered by the storm. The dealer added the greenback had earlier retreated following lack of lead on US monetary policy outlook from the Jackson Hole Economic Policy Symposium last week.
The ringgit was, however, traded lower against other major currencies. It eased against the Singapore dollar to 3.1490/1524 from 3.1474/1510 on Monday and weakened versus the yen to 3.9188/9219 from 3.9052/9090, previously. The local note fell against the euro to 5.1034/1083 from 5.0902/0951 yesterday and vis-a-vis the pound, it decreased to 5.5155/5198 from 5.5019/5066, yesterday. — Bernama