Ringgit opens lower on subdued interest

Ringgit opens lower on subdued interest

KUALA LUMPUR,. The ringgit opened slightly lower against the US dollar this morning, reversing yesterday’s gains as the greenback’s negative sentiment weighed on appetite for emerging currencies including the ringgit, a dealer said.

The local currency stood at 4.1300/1340 as at 9am, against 4.1270/1310 recorded at 6pm yesterday.

He also said despite the bullish oil prices, with global benchmark Brent crude soaring to a four-year high last night, interest for the ringgit subdued on worries over the escalating US-China trade tensions coupled with political uncertainty in the US.

On Monday, the US and China imposed fresh tariffs on each other’s goods as both economic powerhouses don’t appear to be relenting in this ongoing trade dispute.

Meanwhile, the ringgit traded mostly higher versus other major currencies.

It rose against the Singapore dollar to 3.0245/0279 from 3.0246/0279 on Monday, strengthened against the yen to 3.6571/6616 from 3.6632/6678 and improved versus the euro to 4.8532/8583 from 4.8575/8626.

The ringgit, however, depreciated vis-a-vis the British pound to 5.4157/4226 from 5.4146/4215. — Bernama