Ringgit opens lower against US dollar

Weak market sentiments weigh on the ringgit at its opening of trade. – Reuters pic
Weak market sentiments weigh on the ringgit at its opening of trade. – Reuters pic

KUALA LUMPUR, April 17 — The ringgit was traded lower against the US dollar in early trading today on weak market sentiment towards emerging Asian currencies due to worries over slowing growth in China and uncertainties over US-China trade negotiations.

At 9.06am, the local unit was traded at 4.1340/1390 against the greenback from 4.1310/1350 recorded at yesterday's close.

A dealer said traders are cautious on their holding of emerging Asian currencies considering the market expects China's first-quarter gross domestic product growth to slow to 6.3 per cent.

“Furthermore, uncertainties over US-China trade talks, following President Donald Trump's statement saying that the United States will emerge from the trade dispute, also hampered demand for the ringgit,” he added.

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

It decreased against the Singapore dollar to 3.0502/0557 from 3.0485/0526 and weakened against the euro to 4.6648/6717 from 4.6639/6688.

The ringgit rose against the Japanese yen to 3.6871/6919 from 3.6923/6963 and was higher against the British pound to 5.3907/3981 from 5.4033/4102. — Bernama

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