The ringgit stays on the downtrend against the US dollar but it up against most other major currencies. — Bernama pic
KUALA LUMPUR, July 8 — The ringgit extended last week’s losses to open lower against the US dollar today, driven by continued selling of the local notes as more investors shifted towards the safe-haven currencies, dealers said.
At 9.20am, the ringgit stood at 4.1420/1460 against the greenback from last Friday's close of 4.1340/1370.
A dealer said, the greenback gained momentum on the back of a strong US jobs data in June, which suggested the US Federal Reserve would not cut interest rates any time soon.
The ringgit, however, traded mostly higher against a basket of major currencies.
It strengthened versus the Japanese yen to 3.8158/8205 from 3.8267/8306 and increased against the euro to 4.6486/6547 from 4.6557/6607.
It went up against the Singapore dollar to 3.0445/0479 from 3.0460/0493 on Friday and the local currency fell against the pound to 5.1891/1945 from 5.1882/1932. — Bernama