Weaker ringgit against US dollar at opening

Weaker ringgit against US dollar at opening

KUALA LUMPUR,. The ringgit opened easier against the US dollar today amid the higher US rate and stronger greenback, a dealer said.

At 9am, the local currency stood at 4.1470/1500 against 4.1440/1490 recorded at Friday’s closing.

A dealer said the external environment is not at all amicable for Asian currencies, including the local note.

“The escalation of US-China tensions is near impossible to hold even the slightest of bullish conviction and besides, the demand for the ringgit has been tepid at best with the upcoming budget in focus,” he said.

The dealer added that while terms of trade remain favourable due to the oil prices, slow domestic growth could be a real negative for the ringgit as it could trigger a dovish response from Bank Negara.

Brent crude was traded at US$83.20 (RM344.78) per barrel, down by 1.14 per cent.

Meanwhile, the local currency was traded lower against other major currencies.

It decreased against the Singapore dollar to 2.9981/0014 from 2.9975/3.0022 on Friday and slid versus the Japanese yen to 3.6425/6461 from 3.6383/6443.

The local note went down against the euro to 4.7773/7816 from 4.7639/7714, and fell against the British pound to 5.4409/4456 from 5.4017/4091. — Bernama