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Ringgit Opens Lower Against US Dollar

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KUALA LUMPUR – The ringgit opened lower against against the US dollar today
on further profit taking after last week’s rally, said a dealer.

At 9.20 am, the local unit was quoted at 4.1780/1850 against the dollar
from yesterday’s close of 4.1360/1450.

The dealer said the the current sentiment was still positive for the
ringgit as regional currencies remained on the uptrend and amid a weakened
greenback that languished lower as expectations faded that the US Federal
Reserve would hike interest rates as early as this month.

“The ringgit is still short-term bullish. As long as the 4.20 resistance
level holds, tendency to test the psychological level of 4.0 this week is still
there, technically,” he said.

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

It fell against the Singapore dollar to 2.9813/9884 from 2.9594/9675
yesterday and depreciated against the yen to 3.4849/4919 from 3.4415/4501.

The local unit eased against the British pound to 6.3957/4081 from
yesterday’s 6.3471/3626 and reduced against the Euro to 4.7424/7508 from
4.7064/7174 previously. – Bernama

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