Ringgit opens lower against US dollar

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KUALA LUMPUR: The ringgit opened lower on lack of demand and cheaper crude oil prices, dealers said.

At 9.15am, the local unit was traded at 4.4400/4460 against the greenback from 4.4370/4440 on Friday.

Brent crude oil was 0.04 per cent easier at US$55.97 a barrel.

However, a dealer said the US dollar, which may be pressured in the near-term, may lend support to the ringgit.

“Market players will focus on US President Donald Trump’s address at a joint session of Congress on Tuesday.

“If the US dollar comes under threat, post the Congress address, there will be no amount of hawkish US Federal Reserve rhetoric or bullish economic data to assist the cause of the dollar, as it’s going to take a March rate increase to keep the US dollar trade viable,” said OANDA Senior Trader Stephen Innes.

Meanwhile, the local note was traded mostly higher against other major currencies.

It marginally rose against the Singapore dollar to 3.1599/1649 from 3.1612/1666 on Friday but against the Yen, it decreased to 3.9611/9682 from 3.9440/9513.

Vis-a-vis the Euro, the ringgit appreciated to 4.6913/6985 from 4.7001/7084 on Friday and strengthened against the British to 5.5136/5215 from 5.5622/5719 previously. — Bernama


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