KUALA LUMPUR, Oct 29 — The ringgit opened lower against the US dollar in early trading today on lack of buying demand for the local unit, dealers said.
At the opening it was quoted at 3.1430/1460 against the greenback from 3.1335/1365 yesterday.
A dealer said the domestic currency declined after reaching a peak the day before, following Prime Minister Datuk Seri Najib Tun Razak’s announcement on the Goods and Services Tax (GST) that could help cut the fiscal deficit.
Meanwhile, the ringgit was also traded lower against a basket of currencies.
It depreciated against the Singapore dollar to 2.5367/5393 from 2.5342/5370 at yesterday’s close and dropped versus the yen to 3.2216/2260 from 3.2092/2133 previously.
However, the local unit strengthened against the British pound to 5.0574/0638 from yesterday’s 5.0772/0836, but was traded lower against the euro at 4.3304/3352 from 4.3271/3315 yesterday. — Bernama
