Ringgit opens slightly lower against the US dollar | Silver
KUALA LUMPUR, Aug 17 The ringgit opened slightly lower against the US dollar today as political uncertainties weighed on market sentiment, an analyst said.
At 9 a.m., the local note stood at 4.2370 / 2400 against the greenback from yesterday’s close at 4.2350 / 2390.
“The ringgit appears particularly vulnerable as the political crisis in Malaysia deepens and oil prices remain low,” said Jeffrey Halley, senior Asia-Pacific market analyst at OANDA.
He said fears related to the Covid-19 virus were also weighing on sentiment in Asia in general, with markets wary of developments in China, particularly partial port closures.
Meanwhile, externally, ActivTrades trader Dyogenes Rodrigues Diniz said forex investors would focus on US retail sales data to be released later today, which could offer insights. indices on US consumption and determine the behavior of the greenback in the coming days.
“A higher than expected reading could push the US dollar above 4.2370 and reach the 4.2890 level, while a lower than expected number could cause a break below the 4.2150 level and lower to 4.1750”, did he declare. Bernama.
Meanwhile, the local note was traded for a basket of major currencies.
It fell against the Singapore dollar to 3.1237 / 1264 from 3.1227 / 1259 at yesterday’s close and dipped against the Japanese yen to 3.8786 / 8814 against 3.8732 / 8769.
However, the ringgit improved slightly against the euro at 4.9886 / 9922 from 4.9893 / 9940 yesterday and appreciated against the pound to 5.8623 / 8665 from 5.8680 / 8736 previously. Bernama