The ringgit opened lower against the US dollar in the early session on Thursday, as the greenback continued its bullish performance in hovering near a seven-month high.
At 9.01 am, the ringgit was quoted at 4.1930/1980 to the US dollar from 4.1900/2000 on Wednesday’s close.
Kenanga Research said today that the local note was in contrast, at a seven-month low against the US dollar, weighed on by pressure from falling government bond prices.
“Bond prices weakened as foreign investors trimmed their holdings as shown from data released by Bank Negara Malaysia,” it said in a note.
Meanwhile, the ringgit traded firmer against a basket of major currencies.
It firmed against the yen to 4.0117/0172 from 4.0448/0552 on Wednesday and rose against the Singapore dollar to 3.0250/0291 from 3.0318/0395.
The ringgit was up against the euro at 4.6131/6191 from 4.6165/6288 and strengthened to the British pound at 5.1008/1085 from 5.1294/1437.