Ringgit opens lower against US dollar

ringgit-dollarKUALA LUMPUR: The ringgit opened lower against the US dollar this morning as the greenback bounced back from its lowest level in more than a year, lifted by stronger-than-expected readings on the US economy, dealers said.

At 9 am, the local unit stood at 4.2810/2850 against the greenback compared with Monday’s close of 4.2760/2800.

A dealer said the US dollar inched up yesterday as US manufacturing and services flash surveys both showed the US economy was performing better-than-expected.

However, investors remained cautious on developments concerning possible ties between Russia and aides to US President Donald Trump.

Meanwhile, the ringgit was traded higher against other major currencies.

It appreciated marginally against the Singapore dollar to 3.1411/1452 from Monday’s 3.1413/1459 and rose against the Japanese yen to 3.8467/8513 from 3.8620/8663 yesterday.

The local unit gained against the British pound to 5.5717/5774 from 5.5750/5815 on Monday and improved against the euro to 4.9814/9877 from 4.9841/9896, yesterday.