KUALA LUMPUR, Feb 7 — The ringgit opened lower against the US dollar on lack of demand due to falling crude oil prices, said an analyst.
At 9.02am, the local currency traded 4.1835/1875 versus the greenback from Friday’s close of 4.1805/1810.
The analyst said investors are staying away from the local forex market ahead of Malaysia’s fourth-quarter 2021 gross domestic product (GDP) results due Friday.
“The local note is expected to trade easier due to escalating daily Covid-19 cases in the country,” he told Bernama.
On Sunday, 10,089 cases were reported, taking the country’s cumulative number of Covid-19 infections to 2,914,220.
Meanwhile, the local currency traded mostly higher against a basket of other major currencies.
The ringgit appreciated against the Japanese yen to 3.6299/6337 versus Friday’s close of 3.6365/6372, rose against the British pound to 5.6615/6669 from 5.6721/6728 and increased against Euro to 4.7909/7955 from 4.7929/7935, previously.
However, it depreciated against the Singapore dollar to 3.1097/1129 against Friday’s close of 3.1096/1102.
— Bernama
