Ringgit edges lower against US dollar at opening
The local currency also weakened against the pound and euro, but gained against the yen.
The ringgit slipped to 4.0840/0885 against the US dollar at 8 am on Oct 7, compared with 4.0835/0880 at Tuesday’s close. Trading remained within a narrow range as global market signals were mixed.
Among major currencies, the pound rose to 5.4174/4234 against the ringgit, compared with 5.4066/4125 previously, while the euro advanced to 4.5949/6000 versus 4.5907/5957. The ringgit gained against the yen, with the rate moving to 2.5794/5824 from 2.5807/5837.
Regional trading also saw the ringgit weaken against the baht, reaching 12.1439/1627 compared with 12.1424/1609, and the Singapore dollar, at 3.1956/1994 versus 3.1935/1975. Its Philippine peso rate held at 6.50/6.51, while trading against the Indonesian rupiah was nearly unchanged at 228.1/228.5.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit received some support from a weaker US Dollar Index (DXY) and Brent crude trading around US$100 per barrel. The index declined 0.33 per cent to 101.833 points.
He told Bernama that optimism about corporate earnings had helped global equities, signalling firmer financial-market sentiment. Greater willingness among traders to take risks was also supporting the ringgit, he said.
