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Ringgit opens marginally lower against US dollar

 | February 28, 2017

The local unit traded at 4.4380/4420 against the greenback from 4.4370/4400 on Monday.


KUALA LUMPUR: The ringgit opened marginally lower against the US dollar this morning on subdued demand ahead of US President Donald Trump’s address at a joint session of Congress later today.

At 9.03 am, the local unit traded at 4.4380/4420 against the greenback from 4.4370/4400 on Monday.

A dealer said market players were on their toes, as Trump’s first US Congress policy address was anticipated to unveil plans in respect of tax reform and infrastructure spending.

However, the decline was capped by the steadier benchmark crude oil price that traded 0.11% higher at US$55.99 per barrel.

On the home front, Bank Negara Malaysia said the onshore foreign exchange market was going through a period of adjustments and BNM has been more active in supplying liquidity on both sides to address the demand and supply mismatches.

It said, overall, the volume has been sustained where more two-way flows had been observed from resident exporters and importers contributing towards liquidity in the onshore market.

Meanwhile, the local note traded mixed against other major currencies.

It fell against the Singapore dollar to 3.1547/1598 from 3.1544/1588 on Monday but versus the yen, improved to 3.9393/9446 from 3.9517/9555 yesterday.

Vis-a-vis the euro, the ringgit appreciated to 4.6941/7001 from 4.6961/7011 but declined against the British pound to 5.5160/5227 from 5.5130/5185 on Monday.


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