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Ringgit opens softer against US dollar on technical profit-taking

Thursday, 11 August 2016

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KUALA LUMPUR: The ringgit opened softer against the US dollar today on technical profit taking, a dealer said.

At 9.15 am, the local currency opened lower at 4.0070/0130 against the greenback from 3.9880/9940 at 6 pm in yesterday’s closing.

The dealer said sentiment is still positive for the ringgit on expectations of better risk appetite, with fresh buying interest from foreign fund on Bursa Malaysia, expected to lend support to the local note.

“The ringgit’s technical profit-taking, after hitting a three-week high yesterday, was prompted this morning by crude oil prices that tumbled overnight on news of a surprising jump in US government stockpiles.

“The ringgit could have otherwise stayed below the 4.0 level,” said the dealer.

Against other major currencies, the ringgit traded mostly lower in early trade today.

It depreciated against the Singapore dollar to 2.9847/9903 from 2.9741/9808 and declined against the yen at 3.9571/9650 from 3.9349/9424.

The local unit declined against the euro to 4.4794/4869 from 4.4546/4629 and also fell against the pound sterling to 5.2107/2209 from 5.2051/2154. -Bernama

Source by: The Star Online

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