The US$/ringgit may rise to 4.2 in next three months vs 3.95 on May 8.
KUALA LUMPUR: The ringgit opened marginally lower against the US dollar today on a lack of market demand, a dealer said.
At 9.21 am, the local unit was quoted at 3.8980/9010 from 3.8950/8000 recorded at Friday's close.
OANDA Head of Trading Asia-Pacific, Stephen Innes said the US 10-year yields are approaching three per cent and resulting in a broadly firmer greenback.
“With the higher US yields, the ringgit sentiment will remain weak over the short term, especially when factoring in the election risk premium, as slight as that may be,” he told Bernama.
Over the longer term, however, Innes said medium-term macro conditions and low domestic inflation should make Malaysian Government Securities attractive and support the ringgit.
The ringgit traded higher against a basket of major currencies.
Against the Singapore dollar, it rose to 2.9593/9620 from 2.9624/9665 and appreciated versus the yen to 3.6133/6164 from 3.6172/6229.
The ringgit improved to 5.4630/4676 from 5.4779/4865 vis-a-vis the British pound and advanced to 4.7828/7869 from 4.7909/7982 when compared with the euro. - Bernama
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