Ringgit opens slightly lower against US$ as caution prevails

KUALA LUMPUR: The ringgit opened marginally lower against the US dollar today on lack of demand for the local note amid cautious sentiment surrounding the US-China trade negotiation, said a dealer.

At 9am, the ringgit was trading at 4.1760/1810 against the greenback compared with last Friday’s close of 4.1750/1780.

AxiTrade chief Asia market strategist Stephen Innes said on the local front, it was encouraging to note that Prime Minister Tun Dr Mahathir Mohamad was looking into ways to prop up the ringgit due to higher import prices, which are weighing on consumers.

"But with the economy struggling at its weakest pace in a year amid falling exports, a stronger ringgit does not lend support to the critical export sector,” he said in a note this morning.

Innes, however, said influence from the ongoing worries on the US-China trade war would likely impact the ringgit rather than internal policy factors to support the ringgit.