KUALA LUMPUR, Oct 16 ― The ringgit was lower against the US dollar at today's opening on lack of demand for the local currency amid cautious market sentiment, a dealer said.
At 9am, the local note was at 4.1920/1950 versus the greenback from 4.1890/1920 recorded at yesterday’s closing.
The dealer said the latest news on Brexit reversed a dollar rally as fading optimism over the latest US-China trade truce stimulated investors to buy the greenback.
“We foresee the greenback to get more buying demand from investors following US President Donald Trump’s decision to suspend the next hike in tariffs on Chinese imports, hence a lower ringgit in the short term,” he said.
The ringgit traded mixed against a basket of other currencies.
It appreciated against the Singapore dollar to 3.0547/0589 from 3.0559/0585 and improved against the yen to 3.8568/8607 from 3.8680/8714.
However, vis-a-vis the British pound, the local note depreciated to 5.3427/3474 from 5.2962/2020 and against the euro it went down to 4.6229/6271 from 4.6129/6175. ― Bernama
