Ringgit opens lower against US dollar

KUALA LUMPUR: The ringgit opened lower against the US dollar on Tuesday as the greenback continued its bullish run on the back of an aggressive US monetary policy stance to tame inflation there, said a dealer.

At 9 am, the local currency fell to 4.6045/6085 against the greenback from yesterday’s 4.6030/6045.

ActivTrades trader Dyogenes Rodrigues Diniz said recent dollar bullishness has caused the fall in European equities as well as the British pound.

"From a technical point of view, the ringgit to dollar trading is approaching the historical resistance region of 1998 lows.

"As there is no major resistance between the current price and the lows of 1998, the dollar is likely to move higher against the ringgit.

"An alternative scenario is more possible if the US Federal Reserve changes its tone to a more dovish stance, which seems unlikely at the moment,” he said in a note.

Meanwhile, the ringgit was traded mixed against a basket of major currencies.

It rose vis-a-vis the euro to 4.4364/4403 from 4.4405/4420 and appreciated against the Japanese yen to 3.1876/1908 from 3.1950/1965.

However, the local note declined versus the Singapore dollar to 3.2087/2117 from 3.2054/2069 at Monday’s close and eased against the British pound to 4.9600/9643 compared with 4.9197/9213 yesterday. - Bernama

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