Ringgit opens lower against US dollar

A money changer counts Malaysian ringgit bank notes at a foreign exchange booth in downtown Kuala Lumpur. (AFP pic)

KUALA LUMPUR: The ringgit opened lower against the US dollar today on weak demand and as the US dollar strengthened while awaiting comments by Federal Reserve Chairman Jerome Powell later today.

At 9 am, the local note was traded at 4.1080/1110 against the greenback from yesterday’s close of 4.1030/1070.

A dealer said investors would be listening in closely on Powell’s speech on whether there might be another interest rate hike this September.

“Investors are observing the situation as there are high probabilities that the Fed would increase the interest rate at the meeting next month after two continuous hikes in March and June this year,” he added.

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

It inched up against the Singapore dollar to 2.9907/9935 from 2.9942/9974 on Thursday and strengthened against the yen to 3.6860/6890 from 3.6994/7037.

The local note rose against the British pound to 5.2603/2658 from 5.2765/2824 and was marginally higher against the euro at 4.7423/7466 from 4.7431/7489.