Ringgit opens weaker against US dollar

by BERNAMA / pic by MUHD AMIN NAHARUL

KUALA LUMPUR – The ringgit opened lower against the US dollar today as the market awaits the latest development on Russia-Ukraine geopolitical tensions and ahead of a handful of speeches from US Federal Reserve policymakers, as well as data releases.

At 9.06 am, the local currency fell to 4.1860/1895 versus the greenback from Friday’s close of 4.1845/1870.

A dealer said the Russia-Ukraine crisis appears to be the primary driver for currency markets, and the US economic data due out this week will put additional pressure on the forex market and send traders to the sidelines.

“US Fed Governor Michelle Bowman will speak today at the American Bankers Association Conference for Community Bankers, and there will be US manufacturing data, as well as the second estimate of the fourth quarter of 2021 US gross domestic product report later this week,” he added.

The local note was traded mostly higher against a basket of major currencies.

It rose against the Singapore dollar to 3.1111/1139 from 3.1149/1170 at Friday’s close, appreciated vis-a-vis the British pound to 5.6930/6977 from 5.7001/7035 and improved against the euro to 4.7427/7467 from 4.7578/7606.

The local note, however, eased versus the yen to 3.6391/6424 from 3.6340/6361.

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