Ringgit opens slightly lower against US dollar

Ringgit opens slightly lower against US dollar

While the ringgit opens lower against the US dollar today, it traded higher against other major currencies.

Strong US retail sales data by its Commerce Department shows the American dollar remains firm with an increase of 0.4% month-on-month in June.
KUALA LUMPUR:
The ringgit opened slightly lower against the US dollar at opening due to weak demand for the local currency, said a dealer.

At 9.03am, the local note stood at 4.1120/1160 against the US dollar from Tuesday’s close of 4.1100/1130.

The greenback according to the dealer, remained firm following the release of strong US retail sales data by the country’s Commerce Department, which showed an increase of 0.4% month-on-month in June.

“The increase in retail sales is higher than expectations of a 0.1% over the previous month,” he added.

Meanwhile, the ringgit traded higher against a basket of major currencies.

Against the Singapore dollar, it rose to 3.0260/0294 from 3.0276/0303 and appreciated versus the yen to 3.7986/8030 from 3.8087/8119.

The ringgit improved to 5.1026/1080 from 5.1161/1211 vis-a-vis the British pound and advanced to 4.6096/6157 from 4.6155/6205 when compared with the euro.

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