Ringgit opens lower against US dollar

The ringgit retreats against the US dollar and other emerging currencies on cautious trading. — Reuters pic
The ringgit retreats against the US dollar and other emerging currencies on cautious trading. — Reuters pic

KUALA LUMPUR, March 15 — The ringgit opened slightly lower against the US dollar and other emerging currencies, on cautious trading, a dealer said.

At 9am, the local note was quoted at 3.9050/9100 from 3.9040/9080.

The dealer said the ringgit was lower, despite the announcement by the Bank Negara Malaysia’s Financial Stability Committee (FSC) that domestic financial stability is expected to remain intact this year.

The FSC assessed at a meeting last Friday that stability continued to be preserved and well-supported by sound financial institutions and orderly domestic financial markets.

Meanwhile, on the global outlook, the dealer said that the risk-off continues to seep through markets as traders scramble to revise both inflation and US growth forecast in the wake of a tepid consumer price index and producer price index prints, while February's dreary US retail sales deliver more disappointment to the markets.

The ringgit fell against the Singapore dollar to 2.9825/9870 from 2.9786/9830 yesterday and weakened versus the yen to 3.6885/6936 from 3.6630/6674.

The local note also depreciated versus the euro to 4.8336/8402 from 4.8273/8334 and decreased vis-a-vis the British pound to 5.4561/4634 from 5.4453/4524. — Bernama

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