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Ringgit Continues Decline Against US Dollar

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KUALA LUMPUR – The ringgit opened lower against the US dollar Friday as foreign banks continued to offload the local note, a currency trader said.

At 9.20 am, the ringgit was quoted at 4.0360/0430 against the greenback from 4.0080/0130 at 5 pm yesterday.

“After taking a breather with a mild rebound against the US dollar yesterday, ringgit continued to be pressured.

“External factors such as reaction to devaluation of the yuan will continue to play a major role in determining the direction of Asian currencies, including the ringgit,” a dealer said.

Asian currencies weakened against the greenback following the surprise change in China’s foreign exchange policy recently, to devaluate the tightly-controlled yuan.

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

It depreciated further against the Singapore dollar to 2.8882/8939 from 2.8725/8765 on Thursday and traded lower against the yen at 3.2420/2482 from 3.2172/2215.

The local note eased against the pound sterling to 6.3022/3148 from 6.2561/2655 and weakened against the euro at 4.5014/5100 from 4.4561/4625.

– BERNAMA

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