Ringgit slightly lower against US dollar

ringgit-dollarKUALA LUMPUR: The ringgit opened slightly lower against the US dollar today on lower demand for the local note, a dealer said.

At 9 am, the ringgit traded at 4.4370/4400 against the greenback from Friday’s close of 4.4335/4365.

A dealer said investors were eyeing the ‘safe haven’ currency after the US Federal Reserve reiterated its intention to increase interest rates.

“This helped the greenback to be at a three-week high at the opening against a basket of currencies, including the ringgit,” he said.

The dollar index gained 0.1% to 101.260 against six major rival currencies, reaching its highest levels since March 15.

Meanwhile, versus other major currencies, the local note was traded higher.

It rose against the Singapore dollar at 3.1522/1563 from 3.1616/1649 on Friday and improved against the yen to 3.9783/9813 from 4.0075/0106 previously.

The ringgit strengthened against the British pound to 5.4926/4967 from 5.5108/5155 on Friday and was higher against the euro at 4.6930/6966 from 4.7159/7195 previously.