Ringgit opens lower against US dollar

KUALA LUMPUR: The ringgit opened lower against the US dollar today, as heightened tension between the US and China prompted investors to return to safe-haven currencies, dealers said.

As at 9.01am today, the local note was quoted at 4.3500/3550 compared with yesterday’s close of 4.3400/3480.

Meanwhile, a dealer said the Price Manufacturing Index reports across the globe reinforced early signs of a global recovery of which it should be no surprise considering that a complete economic shutdown in April and any recovery in May will be significant.

Against a basket of benchmark currencies, the ringgit traded lower.

The local currency weakened against the Singapore dollar to 3.0671/0727 from yesterday’s 3.0650/0713 and declined versus the Japanese yen to 4.0382/0436 from 4.0256/0341.

The ringgit also edged lower against the euro to 4.7624/7683 from 4.7562/7667 and depreciated against the British pound to 5.3187/3266 from 5.3061/3180.