KUALA LUMPUR (March 12): The ringgit opened slightly lower against the US dollar today despite closing 200 basis points (bps) better yesterday, tracking the emerging market currency movement due improved risk appetite for the Chinese yuan and an easier greenback.
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At 9am, the local note was traded at 4.1070/1150 against the US dollar from 4.1050/1100 at yesterday’s close.
Axi chief global market strategist Stephen Innes said although sentiments should improve for the ringgit, the situation seemed volatile as investors were cautious ahead of the US Federal Open Market Committee (FOMC) meeting on March 16-17.
He said moving forward today, the ringgit should trade favourably higher in line with firmer oil prices, aside from tracking the Chinese yuan.
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Meanwhile, the local currency was traded mostly lower against other major currencies.
It dipped against the Singapore dollar to 3.0647/0714 from 3.0637/0681 yesterday but was higher against the Japanese yen at 3.7807/7891 from 3.7841/7894.
The ringgit fell versus the British pound to 5.7482/7598 from 5.7261/7339 and eased against the euro to 4.9218/9318 from 4.9108/9176.- The Edge Market