Ringgit opens slightly lower as investors remain on sidelines

KUALA LUMPUR: The ringgit extended yesterday’s losses to open slightly lower against the US dollar today as investors remained on the sidelines for more fresh leads in the market, a dealer said.

At 9.50am, the local currency was quoted at 4.1710/1760 against the greenback from 4.1700/1750 yesterday.

The dealer said US Federal Reserve (Fed) Chairman Jerome Powell has confirmed that it will aim for inflation to average 2% over an unspecified period, which essentially means that the Fed is not expecting higher inflation.

Meanwhile, the ringgit was traded lower against other major currencies.

It went up against the Singapore dollar to 3.0519/0573 from 3.0532/0575 yesterday and was higher against the yen at 3.9087/9138 from 3.9336/9387.

The ringgit strengthened against the British pound to 5.5036/5111 from 5.5069/5152 on Thursday and rose against the euro to 4.9285/9360 from 4.9302/9378.