Ringgit opens lower against US dollar

KUALA LUMPUR: The ringgit opened lower against the US dollar today, extending losses from last Friday’s close, on lack of buying interest as the stronger greenback mitigates interest for the local currency, said a dealer.

At 9.05am, the local note stood at 4.0390/0440 versus the greenback, compared with Friday’s close of 4.0300/0340.

Axi chief global market strategist Stephen Innes said the weaker ringgit at the opening is driven by explosively higher US Treasury yields.

“Some thought that the US economy would recover quicker, as US President-elect Joe Biden would roll out vaccines as soon as possible,” he told Bernama.

Another analyst said worries over escalating local Covid-19 cases continue to drag the market into negative territory, amid the potential reintroduction of the Movement Control Order to curb the pandemic’s spread.

Meanwhile, the ringgit traded higher against other major currencies.

It rose against the Singapore dollar to 3.0410/0450 from 3.0420/0459 on Friday, and gained versus the euro to 4.9227/9304 from 4.9319/9384.

The local note strengthened vis-a-vis the Japanese yen to 3.8810/8862 from 3.8813/8863 yesterday, and improved against the British pound to 5.4632/4703 from 5.4804/4875. – BERNAMA

Source: NST