Ringgit opens lower against US dollar
At 9.05am, the local note stood at 4.4015/4045 against the greenback from 4.3985/3015 registered at 6pm yesterday.
The Department of Statistics yesterday announced that the CPI, a measure of inflation, rose by 5.1 per cent in March 2017 to 119.6, owing to the low base last year and higher fuel retail prices compared to March 2016.
However, a dealer said, the ringgit could still gain against the greenback later today following the release of weak US housing data.
“This unfavourable data suggested a weaker economic growth for the United States in the first quarter and will diminish prospects of a Federal Reserve interest rate increase in June,” he said.
Meanwhile, the ringgit was traded mostly lower against major currencies, except against the British pound, whereby it rose to 5.6251/6303 from 5.6424/6489, yesterday.
The local note fell against the Singapore dollar to 3.1469/1497 from 3.1465/1505 yesterday.
It was lower against the yen at 4.0407/0438 from 4.0372/0403 yesterday and weakened against the euro to 4.7162/7199 from 4.7152/7197 previously. — Bernama