Ringgit opens lower against US dollar

Ringgit opens lower against US dollar

KUALA LUMPUR: The ringgit continued to open lower against the US dollar today in line with most of its regional peers, including the yuan, says an analyst.

At 9am, the local currency stood at 4.1500/1600 versus the greenback compared with 4.1420/1500 at yesterday’s close.

Axi chief global market strategist Stephen Innes said the market will be on yuan watch today after the Chinese currency surged higher at Monday’s close against the greenback.

“Still, oil prices remain supported by the broader market where hopes for stimulus resonate, which would provide room for the local note.”

At 9.17am today, Brent crude oil price stood at US$41.68 per barrel.

The ringgit was also traded lower against other major currencies, easing against the Singapore dollar to 3.0530/0651 from Monday’s close of 3.0519/0580, and decreased against the British pound to 5.4137/4280 from 5.3950/4070 yesterday.

The local currency declined against the euro to 4.8958/9092 from 4.8884/8982 and depreciated versus the yen to 3.9385/9491 from 3.9257/9336 previously.-Bernama


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