Malaysian Ringgit Opens Flat Against US Dollar

KUALA LUMPUR, Aug 16 (Bernama) -- The Malaysian ringgit was unchanged from Wednesday's close amid geopolitical tensions between Washington and Ankara. At 9 am, the local note was traded at 4.1020/1050 versus the greenback from yesterday’s close of 4.1020/1050. MIDF Amanah Investment Bank's Chief Economist Dr Kamaruddin Mohd Nor said despite the current episode of trade tensions and recent lira crisis which have caused volatility in the market, Malaysia's domestic macroeconomic fundamentals remain solid. "As far as the lira is concerned, investors were driven principally by fear of a contagion effect. In this regard, the ringgit has outperformed other emerging market currencies," he said. Year to date, the ringgit is down 1.4 per cent against the US dollar. The ringgit, however, has slipped against a basket of major currencies. It dropped against the Singapore dollar to 2.9731/9757 from 2.9712/9744 on Wednesday, and contracted against the Japanese yen to 3.7105/7136 from 3.6872/690. The local note inched up against the British pound to 5.2075/2125 from 5.2177/2220, but shrunk vis-a-vis the euro to 4.6529/6575 from 4.6447/6489. -- BERNAMA