Ringgit opens moderately lower against US dollar

The ringgit traded mostly lower against major currencies today except to the Euro.

KUALA LUMPUR: The ringgit was moderately lower against the US dollar at Thursday’s opening due to lack of demand despite yesterday’s decision by the US Federal Reserve to cut interest rates.

At 9am, the ringgit eased to 4.1905/1945 versus the greenback from  4.1820/1860 at Wednesday’s close.

A dealer said the Fed’s move to slash its rate by a quarter was widely anticipated. It was a second cut in the year.

“Overall, the global market continues to lack catalysts with market players, keeping their eyes open on US-China trade talks commencing today,” he said.

Meanwhile, against a basket of other major currencies, the ringgit traded mostly lower except to the euro, which increased to 4.6192/6253 from 4.6199/6259.

The local note fell to the yen, 3.8690/8738 from 3.8640/8688 and depreciated against the British pound to 5.2235/2301 from 5.2116/2174 but remained unchanged at yesterday’s opening 3.0423/0463 against the Singapore dollar.