KUALA LUMPUR – The ringgit opened marginally lower against the US dollar despite higher oil prices, with Brent crude oil rising to US$40 (RM166.60) per barrel, an analyst said.
At 9.15am, the local currency was traded at 4.1550/1650 versus the US dollar compared with Tuesday's close of 4.1540/1580.
Axi chief global market strategist Stephen Innes said the ringgit struggled under the weight of Covid-19 concerns and political uncertainty as the market head to Budget 2021 on Friday.
He said however, this is the way currency risk in trading these days.
“The sell-off in the ringgit tells me that investors are looking for a policy delivery that clears the path to secure growth,” he told Bernama.
Innes said the market seems to be alright with the ringgit returning to the 4.16 level today.
At the opening bell, the ringgit traded mostly lower against other major currencies.
It rose against the Singapore dollar to 3.0495/0580 from 3.0517/0558 but declined against the British pound to 5.4185/4323 from 5.3965/3021 yesterday.
The ringgit also weakened against the euro to 4.8655/8789 from 4.8585/8636 and was lower vis-a-vis the yen at 3.9711/9815 from 3.9668/9713. – Bernama, November 4, 2020
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