KUALA LUMPUR, March 12 — The ringgit opened slightly lower against the US dollar Friday despite closing 200 basis points (bps) better Thursday, tracking the emerging market currency movement due improved risk appetite for the Chinese yuan and an easier greenback.
At 9am, the local note was traded at 4.1070/1150 against the US dollar from 4.1050/1100 at Thursday’s close.
Axi chief global market strategist Stephen Innes said although sentiments should improve for the ringgit, the situation seemed volatile as investors are cautious ahead of the US Federal Open Market Committee (FOMC) meeting on March 16-17.
He said moving forward today, the ringgit should trade favourably higher in line with firmer oil prices, aside tracking the Chinese yuan.
Meanwhile, the ringgit was traded mostly lower against other major currencies.
It dipped against the Singapore dollar to 3.0647/0714 from 3.0637/0681 on Thursday but was higher against the Japanese yen at 3.7807/7891 from 3.7841/7894.
The ringgit fell versus the British pound to 5.7482/7598 from 5.7261/7339 and eased against the euro to 4.9218/9318 from 4.9108/9176.
— Bernama
