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Ringgit opens lower on absence of market catalysts

KUALA LUMPUR: The ringgit opened easier against the greenback on Tuesday, on a lack of market catalysts, said a dealer.

At 9.02 am, the local currency depreciated to 4.1505/1535 versus the greenback from 4.1480/1510 at yesterday’s close.

The dealer said market participants were cautious ahead of the tabling of Budget 2022 on Friday.

“However, the steady crude oil prices, which currently at above US$85 per barrel, capped the ringgit from trading further lower,” he said.

The local note was traded mixed against a basket of major currencies.

It fell against the Singapore dollar to 3.0811/0835 from 3.0781/0805 on Monday and weaker vis-a-vis the British pound at 5.7103/7144 from 5.7043/7085.

However, the local currency appreciated versus the Japanese yen to 3.6456/6482 from 3.6504/6534 yesterday and rose against the euro to 4.8158/8193 from 4.8229/8264. – Bernama



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