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Forex: Ringgit Opens Lower Against US Dollar

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KUALA LUMPUR – The ringgit opened lower against the US dollar this morning on
fresh demand for the greenback following encouraging US employment data, said a
dealer.

At 9.05 am, the local unit was quoted at 4.2300/2400 to the greenback from
Wednesday’s 4.2070/2150.

The dealer said the higher US hiring data had strengthened speculation that
the US Federal Reserve would raise interest rates later this month.

The ringgit was also traded mostly lower against a basket of major
currencies.

It declined against the Singapore dollar to 2.9835/9929 from 2.9736/9803 on
Wednesday and was slightly lower versus the yen at 3.5098/5187 from 3.5096/5178
yesterday.

It depreciated against the pound sterling to 6.4749/4923 from Wednesday’s
6.4346/4477 and rose against the euro to 4.7444/7564 from 4.7455/7549 on
Wednesday.

– BERNAMA

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