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Ringgit Opens Lower Against US$ Friday On Lower Oil Price

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KUALA LUMPUR: The ringgit opened lower against the US dollar and a basket of major currencies Friday as oil prices continued their downtrend in the global market on worries of oversupply in US crude inventories, dealers said.

At 9 am(0100gmt), the ringgit was quoted at 4.1900/1950 against the greenback from 4.1850/1900 on Thursday.

FXTM Vice President of Market Research Jameel Ahmad said oil prices would have a further negative impact if Donald Trump wins the US Presidential election next week.
“Donald Trump becoming the US President could result in growth forecasts being downgraded at least in the short term due to investor uncertainty, which will in theory weaken the demand for commodities like oil and weigh on the valuation of oil,” he said in a statement.

Brent crude was 1.09 per cent lower at US$46.35 a barrel while US crude fell 1.50 per cent to US$44.66 a barrel.

The local note fell against the Singapore dollar to 3.0259/0311 from 3.0208/0255 on Thursday and eased against the yen to 4.0719/0780 from 4.0659/0727 previously.

The ringgit also traded lower against the British pound at 5.2283/2349 from Thursday’s 5.1722/1805 and slipped against the euro to 4.6517/6590 from 4.6428/6496 previously.

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