Ringgit opens lower against dollar

The ringgit is being impacted as concerns over the trade war and a global slowdown linger.

KUALA LUMPUR: The ringgit opened lower against the US dollar today, dragged by anxieties over heightening US-China trade war and the ensuing global economic slowdown as a result of it.

At 9am, the ringgit stood at 4.1900/1940 from Friday’s close of 4.1830/1880.

The market was closed on Monday for the local public holiday.

A dealer said US tariffs are still in place to be imposed on Chinese goods on Sept 1.

“The market will remain under pressure, no thanks to the Trump administration and this week’s US inflation data which could validate the central bank’s more patient stance.”

He said the market expected the US consumer price index to record a 0.3% gain.

“Anything lower than that would likely put more pressure on the market and we foresee the US Federal Reserve slashing its interest rate next month and if this happens our local note will receive a boost,” he added.

At the opening, the ringgit traded mixed against a basket of major currencies.

The local note rose against the British pound to 5.0582/0634 from 5.0652/0705 recorded on Friday and improved to 3.0203/0242 from 3.0259/0285 versus the Singapore dollar.

But, the ringgit weakened against the yen to 3.9750/9799 from 3.9522/9561 and inched down against the Euro to 4.6953/7002 from 4.6858/6908.