Ringgit retreats to open lower against US dollar

THE ringgit retreated from its gains last week to open lower against the US dollar on Tuesday, weighed by a strengthening greenback and declining crude oil prices, an analyst said.

At 9 am, the local note eased to 4.5000/5100 against the US dollar from Friday’s close of 4.4795/4890.

The market was closed yesterday in conjunction with the special public holiday announced by the 10th Prime Minister Datuk Seri Anwar Ibrahim on Thursday last week.

SPI Asset Management managing director Stephen Innes said traders were seen seeking shelter under the safe-haven dollar amid global recession concerns, while awaiting the United States (US) Federal Reserve’s chair Jerome Powell’s speech on rate hike on Wednesday. — Bernama