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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 better demand for the greenback and amid rising expectations of a March rate hike by the Federal Reserve.

At 9.15am,  the local unit stood at 4.0120/1015 against the greenback from 4.0090/0120 at the close yesterday.

 A dealer said the weaker ringgit was due to profit-taking, following its strong performance over the past few days, which saw the local note touching a 19th month high of 3.9880/9930, against the greenback on Monday.

Meanwhile, the ringgit also traded lower against a basket of major currencies.

It depreciated against the Singapore dollar to  3.0028/0061 from 3.0023/0052 yesterday and fell against the yen to 3.5707/5737 from 3.5512/5548.

The ringgit slipped against the euro to 4.7895/7943 from 4.7863/7903 and was lower against the British pound at 5.4302/4351 from 5.4238/4294. – Bernama