KUALA LUMPUR (Feb 11): The ringgit opened easier against the US dollar on Thursday, retreating from previous gains on lack of buying interest, dragged by softer crude oil prices, said an analyst.
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At 9.03 am, the local note traded at 4.0450/0550 against the greenback compared with Wednesday’s close of 4.0420/0460.
Speaking to Bernama, Axi chief global market strategist Stephen Innes said he expects there would be limited foreign flows or trading in Malaysia’s assets among offshore banks due to the Chinese New Year holiday beginning Friday.
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“So the foreign exchange (FX) market should be relatively quiet today as traders squared off their positions ahead of the long Chinese New Year,” he said.
The FX market will be closed on tomorrow and trading will resume on Monday.- The Edge Market