Ringgit opens lower against US$ as investors seek safe haven

KUALA LUMPUR: The ringgit extended last week’s losses to trade lower against the US dollar in the early session today as investors were cautious on the global economic development, according to an analyst.

At 9.37 am, the ringgit was traded at 4.3050/3100 against the greenback from Friday’s close of 4.2565/2610.

The analyst said more investors shifted towards safe haven currencies on expectation that the US Federal Reserve will raise interest rates further in the near future.

He said that the latest data showing a resilient US jobs market suggested interest rates will stay higher for a longer period as central banks fight to slow inflation amid relatively strong economic growth.

Meanwhile, the ringgit traded mostly higher against a basket of major currencies.

The local note was slightly higher against the Singapore dollar to 3.2459/2499 from Friday’s close of 3.2475/2514 and gained vis-a-vis the Japanese yen to 3.2522/2563 from 3.3106/3147.

It appreciated against the British pound to 5.1845/1905 from 5.2125/2180 and was higher versus the euro at 4.6223/6276 from 4.6519/6568. - Bernama

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