Ringgit opens slightly lower against US dollar

Ringgit opens slightly lower against US dollar

KUALA LUMPUR,, The ringgit opened slightly lower against the US dollar today, as the stronger greenback curbed demand for the local unit amid a downtrend in oil prices, dealers said.

At 9am, the local currency stood at 4.1610/1660 versus the US dollar, from 4.1600/1650 last Friday.

A dealer said appetite for the greenback improved after Washington denied news that it asked US officials to draw up a proposed trade plan for China.

However, Friday’s 2019 Budget announcement managed to cushion sentiment in the local market as investors opined that the Pakatan Harapan’ s first federal Budget was carefully crafted to balance fiscal discipline and growth.

As for oil, Brent crude fell to US$72.38 per barrel as against US$72.60 last friday.

Meanwhile, the ringgit was traded higher against other major currencies.

It rose against the Singapore dollar to 3.0297/0336 from 3.0321/0362 on Friday and increased versus the Japanese yen to 3.6751/6805 from 3.6889/6940.

The domestic currency appreciated vis-a-vis the British pound to 5.4076/4162 from 5.4196/4266 and strengthened against the euro to 4.7406/7467 from 4.7582/7643. — Bernama