Ringgit opens lower against USD

Jan 9, 2017

Ringgit

The ringgit opened lower against the US dollar today on less demand.

At 9.13 am, the ringgit was quoted at 4.4760/4820 versus the greenback compared with 4.4710/4740 last Friday.

A dealer said the dollar started the week higher following signs of wage pressure in the December US jobs report which pushed up treasury yields.

Yields on US 10-year notes rose from 2.33 per cent to 2.42 per cent on the data.

Lower oil prices also kept traders on the sidelines.

Oil prices reportedly fell early today as Iran increased exports, undermining efforts by other oil producers to curb a global fuel oversupply.

However, vis-a-vis other major currencies, the ringgit traded higher.

It rose against the Singapore dollar to 3.1088/1136 from 3.1176/1213 last week and increased against the yen to 3.8181/8242 from 3.8550/8586.

The local unit appreciated vis-a-vis the British pound to 5.4880/4981 from 5.5373/5428 and strengthen end against the euro to 4.7155/7236 from 4.7388/7438.– Bernama

 

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