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Ringgit Opens Lower Against US Dollar

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KUALA LUMPUR: The ringgit extended yesterday’s loss to open slightly lower today dampened by a stronger US dollar following growing expectations of US Federal Reserve increasing interest rate, dealers said.

At 9.08 am, the local unit was traded at 4.4480/4530 versus the greenback from 4.4470/4510 on Thursday.

Senior trader at OANDA, Stephen Innes, said investors needed to be cognisant that any higher expectation would give the US dollar a boost and weigh on regional markets in the near term.

The loss in the ringgit was, however, cushioned by the better oil prices which were 0.13 per cent higher at US$55.15 a barrel and Bank Negara Malaysia’s decision to maintain the overnight policy rate at three per cent.

The central bank said economic activity in advanced and emerging economies continued to improve with global trade showing a recovery.

Against other major currencies, the ringgit was traded mostly higher.

The local note rose against the Singapore dollar to 3.1488/1528 from 3.1510/1547 on Thursday and versus the yen, increased to 3.8932/8990 from 3.8934/8979 yesterday. The ringgit advanced against the euro to 4.6766/6828 from 4.6796/6842 yesterday.

It, however, eased against the British pound to 5.4581/4647 from 5.4542/4600 yesterday. – Bernama

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