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KUALA LUMPUR: The ringgit opened 13-year fresh high against the US dollar in early trading on Monday on strong demand for the local currency, dealers said.
At 9.05am, the ringgit was quoted at 3.1100/1130 from 3.1200/1220 on Friday.
A dealer said the demand for the ringgit was driven by interest in both bond and stock markets as investors believed the US dollar would continue to weaken.
The dealer said the appetite for riskier assets emerged after the data showing fewer-than-expected US job losses bolstered optimism the economy would not slip into recession.
"Definitely investors will not hold on to the US dollar. They may want to sell it off and put their investments in other currencies. With that, the ringgit will benefit," the dealer said.
Against other major currencies, the ringgit rose against the Singapore dollar to 2.3126/3166 from 2.3152/3188 on Friday and the Japanese yen to 3.6861/6901 from 3.6971/7017 last week.
The ringgit was also traded higher against the British pound to 4.8018/8071 from 4.8036/8076 but it declined against the euro to 4.0044/0099 from 4.0023/0058 on Friday.
-Bernama/wk
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