The ringgit succumbs to a strengthening US dollar and opens slightly lower. — AFP pic
KUALA LUMPUR, March 28 — The ringgit opened slightly lower against the US dollar on lack of catalysts, said a dealer.
At 9am, the local currency traded at 4.0750/0830 compared with yesterday’s close of 4.0700/0750.
The dealer said the ringgit and other emerging Asian currencies were pressured by the firmer US dollar in line with the declining sentiment about a slowdown in global growth.
“Higher demand for the greenback also propelled by continued signs of a weakening economy in Europe and the market players are expected to shift their focus on the upcoming US-China trade negotiation, which is scheduled to be held in Beijing this week,” he said.
Meanwhile, the ringgit traded mostly higher against a basket of other major currencies.
It declined against the Japanese yen to 3.6941/7024 from yesterday’s closing of 3.6853/6901, but rose against British pound to 5.3704/3814 from 5.3744/3819.
The local currency strengthened against the Singapore dollar to 3.0049/0111 from 3.0068/0107 and improved versus the euro at 4.5832/5934 from 4.5910/5970 yesterday. — Bernama