KUALA LUMPUR – The ringgit opened lower against the US dollar today, extending losses from last Friday’s close, on a lack of buying interest, as the stronger greenback mitigates interest in the local note.
As at 9.05am, the local currency stood at 4.0390/0440 versus the greenback, compared with Friday’s close of 4.0300/0340.
Axi chief global market strategist Stephen Innes said the ringgit’s weaker opening was driven by explosively higher US Treasury yields.
“Some thought that the US economy will recover quicker as US president-elect Joe Biden will roll out (Covid-19) vaccines as soon as possible.”
Another analyst said worries over escalating Covid-19 cases locally continue to drag the market into negative sentiments amid the potential reintroduction of the movement control order to curb the pandemic.
The ringgit traded higher against other major currencies, however.
It rose against the Singapore dollar to 3.0410/0450 from 3.0420/0459 on Friday, and gained versus the euro to 4.9227/9304 from 4.9319/9384.
The local note strengthened against the Japanese yen to 3.8810/8862 from 3.8813/8863 yesterday, and improved against the British pound to 5.4632/4703 from 5.4804/4875. – Bernama, January 11, 2021
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