Ringgit opens lower for second consecutive day

Worries about a trade war between the United States and China, are making the ringgit less attractive in the currency market.

KUALA LUMPUR: Investors’ concern on US trade war reprisal has weighed on the foreign currency market, resulting in the ringgit opening lower this morning, extending its bearish performance since last week.

At 9.02am, the ringgit stood at 4.1870/1900 from Monday’s closing of 4.1770/1800.

VM Markets Pte Ltd managing partner Stephen Innes said worries about the trade war as well as lower oil prices are making the ringgit seem less attractive.

Overall, the ringgit also traded lower against a basket of major currencies.

It rose against the Singapore dollar to 3.0222/0255 from 3.0231/0264 but weakened against the yen to 3.9504/9543 from 3.9343/9389.

Vis-a-vis the pound, the local unit fell further to 5.0893/0938 from 5.0684/0741 and depreciated against the euro to 4.7054/7091 from 4.6561/6611.