Ringgit opens weaker against US dollar

ringgit-dollarKUALA LUMPUR: The ringgit opened weaker against the US dollar in early session today on lack of demand for the domestic
currency.

At 9am, the ringgit was quoted at 4.1385/1435 versus the greenback against 4.1340/1400 on Thursday.

The local forex market experienced a shortened week last week, with the Aidil Adha celebration on Monday and Malaysia Day on Friday.

A dealer said oil prices seem to be rebounding today on talk of the Organisation of the Petroleum Exporting Countries’ (OPEC) deal on output to stabilise the market.

“Firmer crude oil prices may reduce the ringgit’s weaknesses in facing the dollar that may rejuvenate this week as the US Federal Reserve (Fed) is expected to hold a meeting on monetary policies.

“The latest announcement on interest rates from the Fed is expected from the meeting,” he added.

Meanwhile, the local note was traded mixed against other major currencies.

The local unit weakened against the Singapore dollar to 3.0285/0324 from 3.0259/0325 on Thursday and declined against the yen to 4.0486/0543 from 4.0391/0457 last week.

The ringgit firmed against the British pound to 5.3916/3986 from 5.4742/4843 and strengthened against the euro to 4.6186/6246 from last week’s 4.6491/6567 close.