KUALA LUMPUR,. The ringgit opened lower against the US dollar today following the strengthening of the greenback amid heightening trade tensions involving the US and China.
At 9am, the local note was traded at 4.0880/0900 versus the greenback from last Friday’s close of 4.0830/0870.
A dealer said the ringgit to US dollar exchange may also be reduced due to the US Federal Reserve increasing interest rates.
“Increasing trade tensions between the US and China has strengthened the dollar, which has witnessed the dollar index reaching an almost 10-year high,” he added.
He said the increase in Brent crude helped cushion the ringgit’s weakness.
The benchmark Brent crude increased to US$72.85 per barrel at 9 am today.
The ringgit, however, traded mostly higher against a basket of major currencies.
It appreciated against the Singapore dollar to 2.9720/9737 from 2.9781/9813 on Friday, but was lower versus the Japanese yen at 3.6995/7024 from 3.6800/6846.
The local note rose against the British pound to 5.2114/2156 from 5.2193/2248 and improved vis-a-vis the euro to 4.6530/6556 from 4.6779/6837. — Bernama