Ringgit opens lower against US dollar

ringgit-dollarKUALA LUMPUR: The ringgit opened lower against the US dollar today, dampened by weak global sentiment amid a short-trading week, dealers said.

At 9 am, the ringgit was quoted at 4.0905/0965 to the US dollar against the 4.0675/0725 recorded last Friday.

A dealer said demand in the local market became subdued after US Federal Reserve policymaker, Lael Brainard, downplayed speculation that the central bank would raise rates this month by striking a dovish stance.

“The lack of participation in the market due to the short trading week also partly contributed to the weak demand,” he added.

Meanwhile, the local note traded mostly lower against a basket of major currencies.

The ringgit fell against the Singapore dollar to 3.0146/0212 from 3.0030/0069 on Friday and weakened versus the yen to 4.0300/0379 from 3.9792/9852.

It depreciated against the British pound to 5.4510/4615 from 5.4118/4205 and declined vis-a-vis the euro to 4.5944/6020 from 4.5845/5905.

The local market was closed yesterday for the Hari Raya AidilAdha celebration.