Ringgit slightly lower against US dollar in early trade

Ringgit slightly lower against US dollar in early trade

KUALA LUMPUR,. The ringgit was slightly lower against the US dollar this morning on weaker demand for the local note, despite the release of Malaysia’s better-than-expected exports figures for January.

At 9.11am, the ringgit stood at 4.0760/0800 against the greenback from 4.0740/0770 at close yesterday.

FXTM research analyst, Lukman Otunuga said the ringgit was offered little support from the positive surprise in export figures, as the currency failed to climb higher against the US dollar following reports that the United States and China were potentially drawing closer to a trade deal.

“The ringgit’s 1.4 per cent gain year-to-date indicates that much of the optimism has already been priced in,” he added.

Meanwhile, the ringgit traded mixed against other major currencies.

It declined against the Singapore dollar to 3.0072/0106 from 3.0071/0104 and depreciated against the Japanese yen to 3.6445/6487 from 3.6417/6454.

It rose against the British pound to 5.3693/3750 from 5.3944/4000 and strengthened versus the euro to 4.6197/6247 from 4.6203/6254. — Bernama