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KUALA LUMPUR: The ringgit opened lower against the US dollar today on lack of demand, as the stronger dollar dampened interest in the local currency, a trader said.
At 9.05am, the local currency was trading at 4.1570 / 1630 against the US dollar compared to Wednesday’s close of 4.1520 / 1570.
The market was closed yesterday for the celebration of Maulidur Rasul (the birthday of Prophet Muhammad).
The distributor said Malaysia returned from the holidays today to a market dominated by reopening fears, uncertain oil market and escalating COVID-19 cases globally, which still linger on the horizon.
On the other hand, Malaysia’s upcoming 2021 budget announcement on November 6 also weighs on local currency trends.
Meanwhile, the ringgit traded mostly higher against other major currencies.
It improved against the Singapore dollar to 3.0419 / 0474 from Wednesday’s close of 3.0469 / 0517 and was up against the British pound to 5.3746 / 3828 from 5.3860 / 3929.
The ringgit rose against the euro to 4.8525 / 8611 from 4.8778 / 8841 and rose against the yen to 3.9765 / 9834 from 3.9835 / 9894 previously. – Bernama
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