Ringgit retreats to open lower against US Dollar

Ringgit retreats to open lower against US Dollar

KUALA LUMPUR: The ringgit retreated from its recent gains to open lower versus the US dollar today, despite the greenback weakness due to improved risk appetites.

The US dollar index, which measures the greenback’s value against major currencies, extended its losses for the fifth consecutive session amid persistent improvement in the risk sentiment.

At 9.15 am, the local currency stood at 4.0930/0980 against the greenback compared with Wednesday’s close of 4.0850/0890.

Axi chief global market strategist Stephen Innes expects to see a pullback in the ringgit today on the back of weaker global risk sentiment.

“Not great news for the local note as it was weighed by concerns over the negative read on oil prices, as well as concern over a surge in Covid-19 cases,” he said.

Against other major currencies, the ringgit was traded mostly higher.

It rose against the Singapore dollar to 3.0465/0505 from Wednesday’s close of 3.0471/0513, strengthened versus the euro to 4.8449/8516 from 4.8562/8614 and improved vis-a-vis the British pound to 5.4163/4233 from 5.4298/4355.

However, the local note decreased against the yen to 3.9413/9465 from 3.9328/9378 yesterday. -Bernama