Ringgit opens lower versus US dollar on falling oil prices

by BERNAMA / pic by BLOOMBERG

KUALA LUMPUR – The ringgit opened lower against the US dollar on lack of demand due to falling crude oil prices, said an analyst.

At 9.02 am, the local currency traded 4.1835/1875 versus the greenback from Friday’s close of 4.1805/1810.

The analyst said investors are staying away from the local forex market ahead of Malaysia’s fourth quarter 2021 gross domestic product (GDP) results due Friday.

“The local note is expected to trade easier due to escalating daily COVID-19 cases in the country,” he told Bernama.

On Sunday, 10,089 cases were reported, taking the country’s cumulative number of COVID-19 infections to 2,914,220.

Meanwhile, the local currency traded mostly higher against a basket of other major currencies.

The ringgit appreciated against Japanese yen to 3.6299/6337 versus Friday’s close of 3.6365/6372, rose against British pound to 5.6615/6669 from 5.6721/6728 and increased against Euro to 4.7909/7955 from 4.7929/7935, previously. 

However, it deprecated against Singapore dollar to 3.1097/1129 against Friday’s close of 3.1096/1102.