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Ringgit Opens Lower Against US Dollar

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KUALA LUMPUR: The ringgit opened lower against the US dollar on Tuesday due to reduced demand for the local note, a dealer said.

At 9am, the local unit was quoted at 4.0000/0100 against the greenback from 3.9930/9020 recorded at 5pm on Monday.

A dealer said the local currency was expected to trade cautiously the next two days ahead of the Bank Negara Malaysia’s (BNM) monetary policy meeting scheduled on Wednesday.

“Hopefully, the weekend election victory by Japanese Prime Minister Shinzo Abe could provide some positive momentum for Asian currencies, including the ringgit,” the dealer added.

Against a basket of currencies, the local note traded mostly lower.

It eased against Singapore dollar to 2.9590/9669 from 2.9576/9658 but rose to 3.8820/8921 from 3.9093/9193 versus the yen.

The ringgit depreciated against the British pound to 5.2048/2194 from 5.1330/1466 on Monday and weakened versus the euro to 4.4208/4335 from 4.4019/4134. – Bernama

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