Ringgit moves lower as major risk event looms

Bank Negara Malaysia's international reserves rose by US$600mil to US$103.3bil as at July 15, 2019 from two weeks prior.

KUALA LUMPUR: The ringgit was slightly lower against the US dollar at today's opening due to lack of market demand, a dealer said.

At 9.00am, the ringgit stood at 4.1950/1990 versus the US dollar from 4.1940/1980 at yesterday's closing.

OANDA Head of Trading Asia-Pacific Stephen Innes said uncertain global risks and slippery oil prices saw most traders moving to the sidelines.

“The focus remains on the upcoming meeting between US President Donald Trump and Chinese President Xi Jinping in Argentina next week, prompting investors to park on the fence ahead of that major risk event,” he told Bernama.

At 9.15am, the benchmark Brent crude was recorded at US$62.60 per barrel.

The ringgit was also traded mostly lower against other major currencies.

It eased against the Singapore dollar to 3.0549/0594 from yesterday's closing 3.0526/0560, but inched up against the yen to 3.7117/7166  from 3.7131/7177.

It depreciated against the euro to 4.7848/7898 from 4.7824/7874  and was down against the British pound at 5.4015/4071 from 5.3629/3705. - Bernama