Ringgit opens slightly lower against US dollar

KUALA LUMPUR: The ringgit opened marginally lower against the US dollar today on lack of demand for the local note amid cautious sentiment surrounding the US-China trade negotiation, said a dealer.

At 9am, the ringgit was trading at 4.1760/1810 against the greenback compared with last Friday’s close of 4.1750/1780.

AxiTrade chief Asia market strategist Stephen Innes said on the local front, it was encouraging to note that Prime Minister Dr Mahathir Mohamad was looking into ways to prop up the ringgit due to higher import prices, which is weighing on consumers.

“But with the economy struggling at its slowest pace in a year amid falling exports, a stronger ringgit does not lend support to the critical export sector,” he said.

Innes, however, said influence from the ongoing worries on the US-China trade war would likely impact the ringgit rather than internal policy factors to support the ringgit.

Meanwhile, the ringgit traded mixed against other major currencies.

The local currency was firmer against the Singapore dollar at 3.0533/0581 from 3.0550/0579 on Friday and improved against the yen to 3.8017/8134 from 3.8100/8138.

However, it declined versus the British pound to 5.3916/3985 from 5.3807/3859 on Friday and depreciated against the euro to 4.6015/6075  from 4.5938/5987 previously.