Ringgit opens lower against US$ on weakening yuan


  • Forex
  • Monday, 07 Oct 2019

KUALA LUMPUR: The ringgit opened marginally lower against the US dollar today tracking the weakening Chinese yuan, said a dealer.

At 9.10am, the local note was at 4.1870/1900 against the greenback from Friday’s close of 4.1840/1870.

Axi Trader Asia-Pacific market strategist Stephen Innes said Chinese officials have signalled that they would be reluctant to agree to a broad term agreement during Sino-US trade talks this week.

"However, with little follow-through on the initial move, the traders remain in wait and see mode,” he told Bernama.

On the domestic front, the Budget 2020 to be tabled this Friday would be the main focus to see how foreign investors react, which also writhing on the local note's sentiment, said Innes.

The ringgit traded lower against a basket of major currencies except for the Singapore dollar.

It fell against the yen to 3.9226/9265 from Friday’s 3.9194/9230 and was lower against the pound at 5.1634/1675 from 5.1631/1680.

The local note also eased against the euro to 4.6011/6048 from 4.5928/5977. It, however, rose against the Singapore dollar to 3.0330/0356 from 3.0332/0363 previously. - Bernama


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