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Ringgit opens lower against US dollar

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Kuala Lumpur
– The ringgit opened lower against the US dollar today on lack of buying interest for the local currency, weighed down by a soft market sentiment.

At 9.05 am, the local unit was quoted at 4.1990/2020 against the greenback from Friday’s close of 4.1920/197.

A dealer said investors shifted interest towards the greenback after the Federal Reserve (Fed) indicated that an interest rate increase was still on the cards this year.

“However, we expect to see stronger buying demand for the ringgit later today, as traders track the higher oil prices,” the dealer said.

The local note was traded mostly higher against a basket of other major currencies.

It advanced against the Singapore dollar to 3.1250/1286 from Friday’s close of 3.1342/1398 and appreciated against the yen to 3.8733/8771 from 3.8919/8977 previously.

The local unit weakened against the British pound to 5.5364/5412 from Friday’s 5.5129/5203 and strengthened against the Euro to 5.0438/0491 from 5.0551/0624 previously. – Bernama