Ringgit opens lower against US dollar

ringgit-dollarKUALA LUMPUR: The ringgit opened lower against the US dollar today as the greenback rebounded on positive US Consumer Confidence Index, dealers said.

At 9am, the local unit was traded at 4.2670/2710 against the greenback from Tuesday’s close of 4.2655/2685.

OANDA Asia Pacific Head of Trading, Stephen Innes, said the greenback improved as US equity investors returned en masse and the US fixed income flow turned aggressive.

“This week’s focus is now pivoting to the US Personal Consumption Expenditure (PCE) price index data on Thursday, and the monthly US labour market report due Friday, especially earnings component,” said Innes.

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

It rose against the Singapore dollar to 3.1479/1513 from 3.1543/1576 on Tuesday and improved against the yen to 3.8862/8902 from 3.9281/9319 yesterday.

The local note improved versus the euro to 5.1097/1158 from Tuesday’s close of 5.1344/1397 and against the pound, it increased to 5.5155/5211 from 5.5315/5358 yesterday.