Ringgit opens lower against US dollar

ringgit-dollarKUALA LUMPUR: The ringgit opened lower against the US dollar in early trading today on a lack of demand and lower oil prices, dealers said.

At 9 am, the ringgit was quoted at 4.2050/2110 against the greenback from the 4.1970/1020 recorded last Friday.

The lower oil prices is reportedly the result of the Organisation of Petroleum Exporting Countries’ (OPEC) internal disagreements over a planned output cut.

The ringgit also fell against a basket of major currencies.

It depreciated against the Singapore dollar to 3.0189/0254 from 3.0080/0126 last Friday and fell against the British pound to 5.0960/0037 from 5.0960/0037.

The ringgit weakened against the euro to 4.6125/6207 from 4.5777/5848 and rose against the yen at 4.0128/0204 from 3.9865/9924.