Ringgit opens lower on lack of buying interest

KUALA LUMPUR: The ringgit opened easier against the US dollar today on lack of buying interest, despite the greenback weakening due to improved risk appetite, said a dealer.

At 9.05 am, the local currency stood at 4.1550/1600 versus the greenback compared with Friday's close of 4.1500/1600.

The dealer said the US dollar extended its losses, amidst renewed expectations for additional US fiscal stimulus and coronavirus vaccine by year-end.

AmBank Research, in a note, said on the domestic front, although the uncertainty over the local political scenario would give some breathing space following the Malay Rulers meeting yesterday, the doubt remains.

"We expect the ringgit to trade between our support levels of between 4.1465 and 4.1518 while our resistance is pinned at between 4.1628 and 4.1693," it said.

The Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah, in a statement issued by Istana Negara on Sunday afternoon, stated that there was no need for a state of emergency to be declared in the country.

Al-Sultan Abdullah said this was decided after going through the proposal to the effect by Prime Minister Tan Sri Muhyiddin Yassin with the Malay Rulers, as well as looking at the country’s current situation

Meanwhile, the ringgit was traded lower against other major currencies.

It fell against the Singapore dollar to 3.0603/0651 from Friday’s close of 3.0593/0678, decreased against the yen to 3.9685/9740 from 3.9664/9771 and weakened against the euro to 4.9220/9296 from 4.9153/9288.

The local currency, however, rose against the British pound to 5.4231/4305 from 5.4286/4434. - Bernama
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3


Did you find this article insightful?


50% readers found this article insightful

Next In Business News

China banking regulator says property market is biggest 'grey rhino'
PBOC says China must prevent fiscal deficit monetisation
LBS Group reports stronger sequential performance in 3Q
Ringgit ends easier against US dollar at 4.0730
Super normal profit for Comfort Gloves as 3Q earnings surge over 1,000%
Eversendai posts 3Q net loss of RM35.8m
Mah Sing Group on track to achieve RM1.1b target
Trump to add China's SMIC and CNOOC to defence blacklist
KLCI slumps over 40 points in regional sell-off
Hong Kong stocks drop, but post best month in nearly 2 years

Stories You'll Enjoy