Ringgit opens unchanged against US dollar

Ringgit opens unchanged against US dollar

KUALA LUMPUR,. The ringgit opened unchanged against the greenback today, as investors awaited the 2019 Budget to be tabled tomorrow.

At 9am, the local unit stood at 4.1830/1860, the same as yesterday’s close.

A dealer said the budget was important to investors as it would outline the policy course of the new Pakatan Harapan government.

“This is the first budget of the new government.Hence, investors would want to see the prospects the government would be focusing on,” he added.

He also said the decline in oil prices due to rising supply and the probability of the US-China trade war affecting the fuel market had subdued appetite for the ringgit, as the currency is heavily reliant on it.

At 9am, the benchmark Brent crude was recorded at US$74.72 from US$76.31 yesterday.

The ringgit traded lower against other major currencies.

It dipped against the Singapore dollar to 3.0215/0243 from 3.0176/0209 on Wednesday and vis-a-vis the euro, appreciated to 4.7377/7427 from 4.7414/7465.

The ringgit slid against the British pound to 5.3731/3790 from 5.3262/3317 and declined against the Japanese yen to 3.7080/7117 from 3.6969/6005. — Bernama