Ringgit opens lower against USD

Nov 16, 2016
At 9.03 am, the local unit's onshore trading was at 4.3380/3500 against the greenback from 4.3340/3390 on Tuesday.
At 9.03 am, the local unit’s onshore trading was at 4.3380/3500 against the greenback from 4.3340/3390 on Tuesday.

The ringgit opened lower against the US dollar today, as stronger-than-expected US economic data increased the likelihood of an interest rates hike by the US Federal Reserve (Fed) in December, dealers said.

At 9.03 am, the local unit’s onshore trading was at 4.3380/3500 against the greenback from 4.3340/3390 on Tuesday.

It was reported that US Octob

er retail sales rose more than expected as households bought motor vehicles and a range of other goods, signifying to a sustained economic growth.

Meanwhile, FXTM Research Analyst Lukman Otunuga said sentiment is firmly bullish towards the US dollar with the dollar index moving around a 11 month-high, as speculators add bets over the Fed raising interest rates.

The ringgit traded mostly higher against other major currencies.

It rose against the Singapore dollar to 3.0681/0792 from 3.0716/0767 on Tuesday and against the yen at 3.9780/9919 from 4.0048/0098.

The local note appreciated against the euro to 4.6581/6728 from 4.6799/6857 and fell against the British pound to 5.4025/4201 from 5.3828/3908.

Source: Bernama

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