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Ringgit Starts The Week On Weaker Note

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KUALA LUMPUR – The ringgit started the week on a weaker
note against the US dollar today as foreign banks continued to offload the
local unit, a currency trader said.

At 9.20 am, the ringgit was quoted at 4.1110/1190 to the greenback from
4.0750/0800 at 5 pm on Friday.

“Players continued to trade for long dollars and short ringgit and the
market might retest the 4.15 level this week,” he added.

The ringgit hit an intraday high of 4.15 to the dollar on last Friday and
for the first time since the Asian financial crisis 17 years ago.

“The performance of global crude oil prices, uncertainty over the US
Federal Reserve’s plan to raise interest rate decision and the devaluation of
the yuan, coupled with domestic issues, are challenges facing the ringgit,” the
trader said.

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

It declined further against the Singapore dollar to 2.9179/9248 from
2.9037/9087 on Friday, and traded lower against the yen at 3.3052/3119 from
3.2784/2837 .

The domestic unit weakened against the pound sterling to 6.4345/4475 from
6.3603/3693 and eased against the euro at 4.5624/5721 from 4.5424/5496.

– BERNAMA

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