Ringgit opens lower on negative sentiment

Ringgit opens lower on negative sentiment

KUALA LUMPUR,. The ringgit opened marginally lower against the US dollar this morning as negative sentiment clouded demand for the currency, said a dealer.

At 9am, the ringgit was traded at 4.1595/1625 versus the greenback from 4.1590/1620 on Monday.

Oanda Head of Trading Asia-Pacific Stephen Innes said uncertain global risks, slippery oil prices and pre-budget infirmity, saw most traders moving to the sidelines.

“The next focus is the consumer price index (CPI) data this week, but given the tepid inflation readings this year, its unlikely to shift the markets’ dovish read on future Bank Negara Malaysia policy,” he added.

The ringgit traded mostly higher against other major currencies, except the Japanese yen.

It appreciated against the British pound to 5.3928/3971 from 5.4183/4239 and improved against the Singapore dollar to 3.0122/0148 from 3.0166/0194 on Monday.

The local currency rose against the euro to 4.7668/7706 from 4.7841/7880 yesterday, but vis-a-vis the Japanese yen, the ringgit marginally eased to 3.6891/6925 from 3.6857/6887. — Bernama