KUALA LUMPUR, SEP 28: The Ringgit opens weaker in trade this morning against the US Dollar.
At 9.02, it stood at 4.1320/1370 against the US Dollar compared to 4.1220/1270 on September 27, reported BERNAMA.
This is influenced by the weaker oil price while the Organization of the Petroleum Exporting Countries (OPEC) meeting is still ongoing.
According to traders, forex market sentiment is shackled by the 3-day OPEC meeting, which started Monday; especially after Iran and Saudi Arabia played down expectations for a deal to limit oil production on September 27.
Both countries reportedly viewed this meeting as merely a warm-up to the official meeting scheduled in November in Vienna.
That prompted the Brent crude oil price indicator to slide down by 2.9% to USD45.97 per barrel, while crude oil price in New York Mercantile Exchange went down by 2.7% to USD44.67 per barrel.
Meanwhile, ringgit was traded lower compared to other major currencies, except for Euro.
It fell against the Singapore Dollar to 3.0382/0437 from September 27’s close of 3.0322/0370 and went slightly weaker against the yen to 4.1074/1144 from 4.1035/1093.
It also weakened against the British pound from 5.3716/3806 from 5.3335/3424, but went up slightly against Euro to 4.6316/6376 from 4.6352/6425.