Ringgit opens lower against US$ on trade tensions

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At 9 am (0100 gmt), the local note was traded at 4.0880/0900 versus the greenback from last Friday's close of 4.0830/0870.© Provided by Star Media Group Berhad
At 9 am (0100 gmt), the local note was traded at 4.0880/0900 versus the greenback from last Friday’s close of 4.0830/0870.

KUALA LUMPUR: The ringgit opened lower against the US dollar early Monday following the strengthening of the greenback amid heightening trade tensions involving the US and China.

At 9 am (0100 gmt), the local note was traded at 4.0880/0900 versus the greenback from last Friday’s close of 4.0830/0870.

A dealer said the ringgit to US dollar exchange may also be reduced due to the US Federal Reserve increasing interest rates.

“Increasing trade tensions between the US and China has strengthened the dollar, which has witnessed the dollar index reaching an almost 10-year high,” he added.

He said the increase in Brent crude helped cushion the ringgit’s weakness.

The benchmark Brent crude increased to US$72.85 per barrel at 9 am Monday

The ringgit, however, traded mostly higher against a basket of major currencies.

It appreciated against the Singapore dollar to 2.9720/9737 from 2.9781/9813 on Friday, but was lower versus the Japanese yen at 3.6995/7024 from 3.6800/6846.

The local note rose against the British pound to 5.2114/2156 from 5.2193/2248 and improved vis-a-vis the euro to 4.6530/6556 from 4.6779/6837. – Bernama

2018-08-12 18:56:46

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