Ringgit opens easier against US dollar

Ringgit opens easier against US dollar

KUALA LUMPUR: The ringgit opened easier against the US dollar today on the back of declining crude oil prices.

At 9.08am, the ringgit was quoted at 4.0600/0660 versus the greenback compared with 4.0590/0630 on Tuesday.

Axi chief global market strategist Stephen Innes said the ringgit, which is in an aggressive catch-up mode, has fallen back in the pack, getting more influenced by oil market swings than anything domestically.

“But the drop in overall equity market volumes will hurt all risky assets through the ‘risk-on risk-off’ feedback loop,” he said.

The benchmark Brent crude decreased 0.86 per cent to US$49.65 per barrel at the opening.

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

It marginally trimmed against the Singapore dollar to 3.0385/0441 from 3.0370/0412 at Tuesday’s close but rose against the euro to 4.9394/9483 from 4.9540/9605.

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The local note appreciated against the Japanese yen to 3.9189/9258 from 3.9252/9298 on Tuesday and strengthened against the British pound to 5.4323/4415 from 5.4427/4497.-Bernama