KUALA LUMPUR: The ringgit opened lower against the US dollar on Monday due to the insufficient buying interest, stated a dealer.
At 9. 18 is, the local currency stood at 4. 4795/4835 against the buck from Friday’s near of 4. 4655/4675.
In a notice, Kenanga Research said the local unit might struggle to maintain its upward momentum against the greenback following the United States (US) Federal Reserve’s reiteration of its hawkish position during the Jackson Pit symposium last Friday.
Additionally , the research house said the euro’s latest decline contrary to the greenback, coupled with China’s deteriorating economic prospective customers may exert exterior pressure on the nearby unit.
“However, the ringgit may continue to benefit from the raised commodity prices and positive Malaysia-US authorities bond yield spread, ” it stated.
Meanwhile, the particular ringgit was traded higher against the basket of main currencies.
The neighborhood note appreciated contrary to the euro to four. 4499/4539 from Friday’s close of four. 4668/4688 and was higher against the Singapore dollar at 3. 2026/2059 from a few. 2140/2159 previously.
It had also advanced against the Uk pound to five. 2321/2367 from five. 2831/2855 last week plus improved against the Japan yen to 3. 2387/2419 from 3. 2619/2636 on Fri. – Bernama