A Malaysia Ringgit note is seen in this illustration photo June 1, 2017. — Reuters pic
KUALA LUMPUR, April 8 — The ringgit opened lower against the US dollar today on concerns over the country’s inflation rate, a dealer said.
At 9am, the local unit was traded at 4.0900/0950 against the greenback from Friday’s close of 4.0870/0900.
SPI Asset Management head of trading and market strategy Stephen Innes said the tepid domestic inflation prints suggested that the Bank Negara Malaysia has room to slightly tweak monetary policy.
However, he said the optimism over a US-China trade agreement conclusion should keep the ringgit in check over the short-term.
Meanwhile, the ringgit traded mostly higher against a basket of major currencies.
It rose against the Singapore dollar to 3.0169/0210 from 3.0182/0207 but weakened against the Japanese yen to 3.6672/6726 from 3.6583/6613.
The ringgit was higher against the British pound to 5.3346/3415 from 5.3458/3509 and appreciated against the euro to 4.5865/5938 from 4.5889/5927. — Bernama