Risk assets and oil prices may be hit, taking down currencies of commodity producing countries, especially the Russian ruble, Colombian peso and ringgit, according to Bloomberg.
KUALA LUMPUR: The ringgit opened slightly lower against the US dollar today, as the stronger greenback curbed demand for the local unit amid a downtrend in oil prices, dealers said.
At 9 am, the local currency stood at 4.1610/1660 versus the US dollar, from 4.1600/1650 last Friday.
A dealer said appetite for the greenback improved after Washington denied news that it asked US officials to draw up a proposed trade plan for China.
However, Friday's 2019 Budget announcement managed to cushion sentiment in the local market as investors opined that the Pakatan Harapan' s first federal Budget was carefully crafted to balance fiscal discipline and growth.
As for oil, Brent crude fell to US$72.38 per barrel as against US$72.60 last friday.
Meanwhile, the ringgit was traded higher against other major currencies.
It rose against the Singapore dollar to 3.0297/0336 from 3.0321/0362 on Friday and increased versus the Japanese yen to 3.6751/6805 from 3.6889/6940.
The domestic currency appreciated vis-a-vis the British pound to 5.4076/4162 from 5.4196/4266 and strengthened against the euro to 4.7406/7467 from 4.7582/7643. - Bernama
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