Ringgit opens slightly lower against US dollar

The local note traded mostly higher against other major currencies.

KUALA LUMPUR: The ringgit opened slightly lower against the US dollar on lack of catalysts, said a dealer.

At 9.05am, the local note was at 4.1930/1960 against the greenback from yesterday’s close of 4.1910/1950.

Axi Trader Asia-Pacific market strategist Stephen Innes said in the absence of a significant catalyst, Asian currencies would continue to track the yuan, which remains the best global barometer for trade war risk.

“Although markets are trying to predict a skew coming out of this week, the US-China trade meeting is virtually impossible at this stage.

“Expect headline risk to continue influencing trading flows in the yuan,” he told Bernama.

Against a basket of major currencies, the ringgit traded mostly higher at the opening.

It was lower against the Singapore dollar at 3.0351/0377 from 3.0337/0374 yesterday, but improved against the yen to 3.9048/9083 from 3.9238/9286.

The local currency gained versus the British pound to 5.1528/1569 from 5.1579/1636 and rose slightly higher against the euro to 4.5985/6022 from 4.5988/5040 previously.