Ringgit opens marginally lower against US dollar

A currency market expert says current oil prices should ease pressure on the ringgit from spiralling further.

KUALA LUMPUR: The ringgit opened slightly lower against the US dollar after a mild rebound yesterday amid heightened external risks, particularly on the escalation of the US-China trade war.

At 9.05am, the ringgit stood at 4.1870/1920 from Wednesday’s close of 4.1860/1920.

VM Markets Pte Ltd managing partner Stephen Innes said markets were slightly relieved, knowing trade talks are expected to resume.

“On top of that, current oil prices should ease downward pressure on the ringgit today,” he said in a statement.

Meanwhile, the local note traded lower against a basket of other major currencies.

It reversed its gains and traded at 3.0268/0315 against the Singapore dollar from 3.0259/0313, declined against the British pound to 5.0868/0945 from 5.0814/0903 and fell against the euro to 4.36940/7001 versus 4.6820/6892 yesterday.

The ringgit was also weaker against the yen to 3.9485/9543 from 3.9387/9454 yesterday.