Ringgit opens lower on dollar strength

At 9.05am, the ringgit was quoted at 4.3600/3690 against the US dollar compared with yesterday's close of 4.3480/3550. — Picture by Saw Siow Feng
At 9.05am, the ringgit was quoted at 4.3600/3690 against the US dollar compared with yesterday's close of 4.3480/3550. — Picture by Saw Siow Feng

KUALA LUMPUR, April 3 ― The ringgit traded lower against the US dollar today as demand for the safe-haven greenback rose across the board amid worries over the worsening global economic outlook.

At 9.05am, the ringgit was quoted at 4.3600/3690 against the US dollar compared with yesterday's close of 4.3480/3550.

An analyst said last week’s US initial jobless claims, which has doubled to 6.65 million following Covid-19 impact to employment has driven investors to seek shelter in the greenback.

In addition, investors are looking forward to local February exports and imports data scheduled to be released today.

Meanwhile, AxiCorp global chief market strategist Stephen Innes said the jumped in crude oil price  should see the ringgit trade on a more friendly, but not today.

“And while the bounce in oil does not signal an all in green light for the ringgit, we're in a much better position today than we were mired in midweek, which is a good thing for the local sentiment,” he added.

Investors are also positive towards FTSE Russell’s announcement to keep Malaysia on its World Government Bond Index (WGBI) watch list at the interim review.

Meanwhile, the ringgit traded mostly higher against a basket of major currencies.

It marginally improved vis-a-vis the euro to 4.7271/7386 compared to the 4.7537/7631 at yesterday’s close and appreciated against the British pound to 5.3981/4114 from 5.4180/4285.

The local unit also rose versus the Japanese yen to 4.0363/0450 from 4.0518/0591 but fell against the Singapore dollar to 3.0441/0508 from 3.0395/0457 yesterday. ― Bernama

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