Ringgit lower in early trade

KUALA LUMPUR: The ringgit was lower against the US dollar in early trade today on weaker demand, prompted by concerns over the potential downgrade of Malaysian bonds by global index provider, FTSE Russell.

At 9.09 am, the local unit was traded at 4.1400/1440 against the greenback from 4.1330/1360 at yesterday’s close.

A dealer said while buying sentiment towards the ringgit was hampered by the negative news, the impact however, would likely be temporary, considering that foreign fund outflow is starting to stablilise.

Meanwhile, the ringgit also traded lower against other major currencies.

It declined against the Singapore dollar to 3.0596/0637 from 3.0551/0583 and was weaker against the Japanese yen at 3.6968/7013 from 3.6892/6925.

The ringgit also fell against the British pound to 5.3977/4042 from 5.3890/3946 and was lower against the euro at 4.6770/6819 from 4.6736/6774.