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
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