Ringgit opens slightly lower on weaker trade sentiment

Ringgit tracks China's yuan to a weaker opening against the greenback. — Picture by Saw Siow Feng
Ringgit tracks China's yuan to a weaker opening against the greenback. — Picture by Saw Siow Feng

KUALA LUMPUR, Nov 28 — The ringgit opens slightly lower against the US dollar today, tracking the weakening yuan after US President Donald Trump signed into law the Hong Kong Human Rights and Democracy Act, as local traders continue to wear trade talk emotions on their sleeves.

At 9am, the ringgit was quoted at 4.1710/1760 against the greenback from yesterday’s close of 4.1700/1740.

AxiTrader chief Asia market strategist Stephen Innes said Trump's move had triggered risk-off mode in the market as investors were jittery over a potential trade deal obstacle.

“However, much of today's focus will be on equity flows and the general run of trade headlines,” he said in a note today.

At the opening bell, the ringgit traded mostly easier against other major currencies, except the yen.

It slipped against the Singapore dollar to 3.0528/0575 from 3.0520/0561 yesterday, weakened against the euro to 4.5906/5965 from 4.5908/5956 yesterday and fell against the pound to 5.3906/3975 from 5.3626/3694.

However, vis-a-vis the yen, the local unit slightly appreciated to 3.8133/8182 from 3.8190/8237 at yesterday's close. — Bernama

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