KUALA LUMPUR: The ringgit opened lower against the US dollar today on continued global uncertainties especially concerning the rising trade tensions between Washington and Beijing, as well as the decline in global oil prices.
As at 9am, the local note was at 4.1830/1860 compared with yesterday’s close of 4.1800/1830.
A dealer said that the global market sentiment remained sideways due to prolonged trade spat between the two economic powerhouses which had caused ripple effect onto markets worldwide, especially emerging economies.
“The prolonged trade spat has been on the watch of all investors as it had caused global disruption in the supply chain as well as an increase in cost for various sectors. With no positive signs of a truce, the market will continue remaining on the edge,“ it said.
As of 9.30 am, benchmark Brent crude was at US$61.53 (RM257.49) per barrel compared with yesterday’s US$63.29 (RM264.86) per barrel yesterday.
Overall, the ringgit traded lower against other major currencies.
The local currency weakened against the euro to 4.6042/6088 from 4.5967/6017 yesterday’s close, as well as against the British pound to 5.2200/2241 from 5.2054/2095 Tuesday.
It also eased against the Singapore dollar to 3.0395/0422 from 3.0360/0386 and slid against the yen to 3.9064/9103 from 3.8794/8832 previously. — Bernama
source https://www.thesundaily.my/business/ringgit-opens-lower-on-global-uncertainties-FF1403052
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