Ringgit opens lower in early trade

ringgit-dollar

KUALA LUMPUR: The ringgit opened lower against the US dollar today on negative sentiment brought on by weak oil prices and growing expectation of an interest rate hike by the US Federal Reserve (Fed), a dealer said.

At 9.06am, the local unit was quoted at 4.1970/2030 against the US dollar from Thursday’s close of 4.1810/1900.

A dealer said the crude oil prices were weighed down by uncertainty over the ability of oil producing countries to cut production.

Meanwhile, the strengthening of the greenback was underpinned by higher US bond yields besides the growing chance of the Fed increasing the interest rate in December this year.

The ringgit also traded mixed against other major currencies in early trade today.

It fell against the Singapore dollar to 3.0069/0131 from 3.0017/0090 on Thursday and declined against the euro to 4.5743/5825 from 4.5611/5725.

The ringgit was higher against the yen at 3.9880/9956 from 3.9922/9011 and gained versus the British pound at 5.1098/1176 from 5.1134/1260 on Thursday.