The ringgit extended its
uptrend against the US dollar on the first day of the second half of the
year – touching the 3.9 level at the opening as currency markets continued
to stabilise after the Brexit surprise.

At 9.03am, the ringgit was
higher at 3.9900/9950 against the greenback from yesterday’s closing of
4.0280/0350.

Meanwhile reports said the
British pound came under renewed pressure after the Bank of England’s
governor Mark Carney saw the need for more stimulus for Britain’s economy
after the surprise Brexit vote last week.

The global benchmark Brent
crude, which was trading at US$50.04 per barrel at 0026 GMT (8.28am), up
33 cents from its previous settlement, also helped to support the local
note.

Against other major currencies,
the ringgit was traded higher.

It rose against the Singapore dollar to 2.9635/9694 from 2.9850/9913 yesterday
and appreciated against the yen to 3.8753/8832 from 3.9171/9251 previously.

The local unit was higher
against the British pound at 5.3223/3305 from 5.4293/4412 yesterday and
strengthened against the euro to 4.4345/4420 from 4.4791/4873 previously.