KUALA LUMPUR, July 14 — The ringgit was lower at the opening today, tracking the overnight losses in the US market after optimism about reopening of the economy was dashed following orders by California’s governor for indoor activities to be closed statewide.
As at 9am, the local unit weakened to 4.2680/2730 against the greenback from 4.2630/2680 at yesteday's close.
AxiCorp chief global market strategist Stephen Innes said speculation on Opec members’ strategy ahead of the oil cartel’s Joint Ministerial Monitoring Committee meeting tomorrow could make for an exciting 24 hours.
“Existing plans call for Opec+ cuts to taper in August after a one-month extension.
“While Russia has already indicated it expects to increase production in line with the agreement, there is the possibility that uncertainty around demand as a result of rising coronavirus infections will lead to another extension of the deepest initial phase of cuts,” he said via email today.
At press time, the Brent crude oil price stood at US$42.06 per barrel, down by 1.54 per cent.
Meanwhile, the ringgit was traded mostly higher at the opening except against the euro, where it fell to 4.8416/8490 from 4.8253/8318.
Against the Singapore dollar, which the republic’s ministry of trade and industry estimated a lower Q2 gross domestic product amid the global economic downturn, the ringgit was traded slightly higher to 3.0657/0699 from 3.0660/0707.
Vis-a-vis the yen, the domestic unit increased to 3.9799/9849 from 3.9800/9858 and appreciated to 5.3542/3622 from 5.3731/3815 when compared with the British pound. — Bernama
