Ringgit lower as traders focus on geopolitical risks

KUALA LUMPUR: The ringgit opened lower against the US dollar today, on lack of buying interest.

At 9.09 am, the ringgit was at 4.1720/1770 against the greenback from last Friday’s close of 4.1680/1720.

A dealer said demand for the US dollar would likely to sustain over the short-term as financial markets continue to focus on geopolitical risks.

In recent weeks, the greenback saw large speculators and hedge funds increasing their net-long positions to the highest amount since June.

Meanwhile, the ringgit traded mixed against other major currencies.

The domestic unit rose against the euro to 4.5971/6031 from 4.6040/6.101 and strengthened against the British pound at 5.2062/2141 from 5.2196/2254.

It eased against the yen to 3.8716/8773 from 3.8589/8637 and declined against the Singapore dollar to 3.0315/0365 from 3.0297/0337. - Bernama