KUALA LUMPUR, March 23 — The ringgit was unchanged at today’s opening amid cautious investors after the United States, the United Kingdom, European Union and Canada imposed sanctions against China due to human rights concerns.
As at 9am, the ringgit opened unchanged against the greenback at 4.1120/1150 compared with 4.1120/1160 at Monday’s close.
China has been sanctioned over alleged human rights abuses against Uyghur Muslims in Xinjiang, drawing an immediate reaction from Beijing.
“This will increase concerns on future economic trades involving nations. The US and China, for example, are both our big trading partners and whatever happens to both countries would affect the currencies market, including the ringgit,” a dealer told Bernama.
Meanwhile, Axi chief global market strategist Stephen Innes said the local currency would continue to trade on the weaker side due to softer oil prices which were currently trading at US$64.06 per barrel, down by 0.87 per cent.
“However, with US yields softening a bit and the US dollar, generally weaker across the board this morning, the ringgit, and local Asia foreign exchange should trade with a more positive beat today,” he expressed hope.
The local note was traded mixed against a basket of major currencies.
The ringgit appreciated against yen to 3.7777/7815 from 3.7843/7883 at yesterday’s close and rose against British pound to 5.6935/6993 from 5.6964/7031.
The local unit declined vis-a-vis the Singapore dollar to 3.0664/0693 from 3.0652/0689 and depreciated against euro to 4.9060/9113 from 4.8929/8985.
— Bernama
