Ringgit opens weaker as greenback strengthens

KUALA LUMPUR: The ringgit opened slightly lower against the US dollar this morning amidst mixed indicators of a stronger greenback, lower United States’ (US) Treasury yields and stabilising oil prices, a dealer said.

At 9 am, the local unit stood at 4.1130/1170 versus the greenback from Thursday’s close of 4.1105/1145.

Axi chief global markets strategist Stephen Innes said the stronger dollar had negatively influenced the sentiment for the local currency, however, a further decline was offset by the lower Treasury yields and better oil prices.

“Additionally, the foreign exchange market seems to be moving past COVID-19 worries, as even Indian Rupee had rallied,” he added.

At the opening bell, the ringgit was traded mostly higher against other major currencies.

It rose against the Singapore dollar to 3.0929/0967 from 3.0948/0980 on Thursday and strengthened against the euro to 4.9422/9486 from 4.9490/9555 yesterday.

The ringgit appreciated against the British pound to 5.6936/6996 from 5.7152/7212 but fell versus the yen to 3.8119/8166 from 3.8036/8076. – Bernama