Ringgit opens lower as investors wait on tabling of Budget 2022

Malaysian ringgit notes are seen among US dollar bills in this photo illustration taken in Singapore in this August 24, 2015 file photo. — Reuters pic
Malaysian ringgit notes are seen among US dollar bills in this photo illustration taken in Singapore in this August 24, 2015 file photo. — Reuters pic

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KUALA LUMPUR, Oct 28 ― The ringgit continued to depreciate against the US dollar at the opening on Thursday, with investors waiting on the sidelines ahead of the Budget 2022 tabling tomorrow, said a dealer.

At 9.05am, the local currency eased to 4.1540/1570 versus the greenback from 4.1530/1560 at yesterday’s close.  

The dealer said ringgit had been experiencing technical correction due to its overbought position.

“The fall in the benchmark Brent crude oil price to below US$85 per barrel also weighed on the local unit,” he said.

At the time of writing, Brent crude oil slipped 1.24 per cent to US$83.53 per barrel.

At the opening, the local note was traded mixed against a basket of major currencies.

It depreciated against the Singapore dollar to 3.0779/0804 from 3.0763/0790 yesterday and fell against the euro to 4.8153/8188 from 4.8137/8172 previously.

However, it had appreciated versus the Japanese yen to 3.6512/6539 from 3.6542/6572 on Wednesday’s close, and climbed against vis-a-vis the British pound to 5.7026/7067 from 5.7033/7074 previously. ― Bernama

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