KUALA LUMPUR, Aug 1 — The ringgit opened lower against the US dollar this morning, ahead of the release of the United States (US) nonfarm payrolls (NFP) which affects the greenback.
At 9am, the local currency stood at 4.4510/4535 versus the greenback compared to last Friday’s close of 4.4485/4520.
SPI Asset Management managing partner Stephen Innes said it is going to be a big week for risk sentiments ahead of the release of the NFP data, but noted that it might not be supportive of the ringgit.
“The ringgit has been supported by lower US yields, however, that shift may be interrupted as traders prepare for the US employment data this week.
“I expect the ringgit to trade in relatively tight ranges ahead of the release of the data,” he told Bernama.
Meanwhile, the ringgit was traded mostly lower against a basket of major currencies.
The local currency fell against the Japanese yen to 3.3489/3513 from Friday’s close of 3.3347/3368, depreciated versus the British pound to 5.4186/4217 from 5.4048/4078 and eased against the euro to 4.5489/5515 from 4.5385/5410 previously.
However, the ringgit rose vis-a-vis the Singapore dollar to 3.2226/2246 from 3.2243/2266 last Friday. — Bernama
