Ringgit opens marginally lower against US dollar

ringgit-dollarKUALA LUMPUR: The ringgit opened marginally lower against the US dollar today on lack of demand for the local note, said dealers.

At 9 am, the local note was quoted at 4.3490/3520 against the greenback from 4.3450/3490 at 6pm on Tuesday.

A dealer said the greenback, garnered a strong foothold on increased expectation of the Federal Reserve raising US interest rates despite discouraging news that US President Donald Trump, in a surprise move, sacked FBI Director James Comey.

“This move has made investors ponder whether the government’s economic thrust plans would still be intact,” he said.

Meanwhile, dealers said the local note remained buoyed as further decline was capped by the increase in crude oil prices today.

West Texas Intermediate Crude Oil rose 3.06% to US$47.33 per barrel and Brent Crude improved 2.97% to US$50.22 per barrel.

The ringgit was, however, traded higher against most major currencies.

It rose against the Singapore dollar to 3.0816/0841 from 3.0818/0857 and was higher against the Japanese yen at 3.8082/8125 from 3.8205/8250 on Tuesday.

The ringgit declined against the British pound to 5.6250/6315 from 5.6172/6228 but gained against the euro to 4.7291/7341 from 4.7378/7435 previously.