Ringgit opens lower amid weaker oil prices

KUALA LUMPUR: The ringgit extended yesterday’s losses to open marginally lower against the US dollar today and amid weaker crude oil prices.

At 9.01am, the local note was traded at 4.1550/1600 against the US dollar from Wednesday’s close of 4.1525/1555.

A dealer said investors remained cautious ahead of the Organisation of the Petroleum Exporting Countries (Opec) meeting in Austria later today.

“Many analysts have predicted the meeting would result in a reduction of crude oil production. But, some investors remain doubtful over the prediction and this weighed on the ringgit, as Malaysia is a net exporter of oil and gas,” he added.

Meanwhile, Oanda Head of Trading Asia-Pacific Stephen Innes expects the ringgit to trade in a tight range today, as local traders would be held hostage to Opec’s shenanigans.

At the opening bell, the ringgit traded mostly easier against other major currencies, except the Singapore dollar.

It weakened against the yen to 3.6802/6857 from 3.6754/6784 on Wednesday, slipped against the euro to 4.7151/7224 from 4.7077/7115 and edged down against the pound to 5.2852/2932 from 5.2832/2891.

However, vis-a-vis the Singapore dollar, the ringgit climbed to 3.0357/0400 from 3.0366/0392.