Ringgit opens easier on profit-taking

KUALA LUMPUR: The ringgit retreated against the US dollar to open lower today as profit-taking emerged after the local currency traded higher against the greenback over the past four days.

At 9.02am, the ringgit traded at 4.1540/1590 against the US dollar from Tuesday’s close of 4.1450/1500.

Other than profit-taking activities, a dealer said the slide in crude oil prices, coupled with concerns over whether the United States and China can really resolve their trade fraction following the recent negotiations, also hampered investors’ risk appetite.

“These factors have weighed on the ringgit’s performance,” he added.

At the opening bell, the ringgit traded mixed against other major currencies.

It slipped against the Singapore dollar at 3.0399/0455 from 3.0393/0441 on Tuesday and weakened against the yen to 3.6813/6867 from 3.6756/6810.

However, vis-a-vis the euro, the local unit edged up to 4.7102/7163 from 4.7299/7376 and rose against the pound to 5.2810/2886 from 5.3089/3166.