Ringgit opens lower on Brent crude decline

KUALA LUMPUR: The ringgit retreated to open lower on Wednesday as Brent crude oil price settled lower.

At 9.06 am, the local note dropped to 4.2260/2290 versus the greenback from yesterday's close of 4.2185/2215.

Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said the weakness in Brent crude oil price overnight was due to the spread of the Delta variant of COVID-19 in China, threatening to disrupt the recovery in global crude consumption.

'’In addition, investors might have also factored in the latest political development in the country," he told Bernama.

Meanwhile, the local note was also traded lower against a basket of major currencies.

The ringgit dropped against the Japanese yen to 3.8774/8805 from 3.8638/8666 and lost against the Singapore dollar to 3.1274/1298 from 3.1223/1247 at yesterday’s close.

The ringgit also dipped vis-a-vis the euro to 5.0137/0173 from 5.0128/0164 and weakened against the British pound to 5.8771/8813 from 5.8696/8738. - Bernama

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