by BERNAMA / pic by BLOOMBERG
KUALA LUMPUR – The ringgit opened lower against the US dollar today as foreign exchange market sentiments are expected to revolve around the Russia-Ukraine conflict as the signals are getting mixed, an economist said.
Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said however, higher crude oil prices could lend some support to the local currency as Brent crude climbed further to US$97 per barrel, signaling the ringgit could benefit as it could improve the government fiscal space.
“Amidst the unsettling market condition, dollar-ringgit could move within a narrow range of between RM4.17 and RM4.18 against the dollar today,” he told Bernama.
At 9 am, the local currency rose to 4.1830/1850 versus the greenback from Monday’s close of 4.1780/1815.
Meanwhile, the ringgit was traded mixed against a basket of other major currencies.
The local currency improved against the euro to 4.7326/7349 from 4.7466/7506 on Monday and appreciated vis-a-vis the British pound to 5.6864/6891 from 5.6959/7006 on Monday.
It slipped against the Singapore dollar to 3.1063/1083 from 3.1047/1075 at yesterday’s close and eased versus the yen to 3.6463/6483 from 3.6384/6418 previously.
Ringgit likely to trade at 4.25 level next week on back of China’s economic rebound