Ringgit opens lower against US dollar

KUALA LUMPUR: The ringgit opened lower against the US dollar today on cautious mood ahead of the release of China’s economic figures tomorrow.

At 9 am, the local unit was traded at 4.1100/1150 against the greenback from Wednesday’s close of 4.1050/1100.

SPI Asset Management head of trading and market strategy Stephen Innes said foreign investors continue to withdraw funds from the local stock market as they waited for further confirmation on China’s economic recovery.

“Currency traders are positioning themselves for the data blitz which would be the primary near-term driver for currency markets,” he said.

The ringgit was also lower against a basket of major currencies.

It eased against the Singapore dollar to 3.0388/0430 from 3.0347/0393 and weakened against the Japanese yen to 3.6990/7049 from 3.6939/6987.

The ringgit fell against the British pound to 5.3825/3894 from 5.3673/3755 and depreciated against the euro to 4.6340/6401 from 4.6292/6361.