Ringgit opens lower against US dollar


KUALA LUMPUR: The ringgit opened lower against the US dollar today on expectations of a US interest rate hike later this year, a dealer said.

At 9.01 am, the local unit was quoted at 4.0340/0400 against the greenback from Friday’s close of 4.0260/0310.

A dealer said the improving US labour market conditions and the likelihood that inflation is getting higher will make it the right time for the Federal Reserve to increase the interest rate this year.

The local note was also traded mostly lower against other major currencies.

It eased against the Singapore dollar to 2.9941/9988 from Friday’s 2.9898/9939 and lost against the yen to 3.9775/9846 from 3.9393/9454.

The ringgit, however, strengthened against the British pound to 5.2083/2189 from Friday’s 5.2153/2230 but weakened against the euro to 4.4995/5078 from 4.4882/4946.