KUALA LUMPUR: The ringgit opened lower today against the US dollar this morning as oil prices continued their downtrend, reaching an 11-month low. At 9.00 am, the ringgit stood at 4.1940/1990 versus the US dollar from 4.1920/1960 on Friday.
As of 9am, benchmark Brent crude stood at US$59.48 per barrel compared with S$62.60 per barrel last Friday.
OANDA Head of Trading Asia-Pacific Stephen Innes said lower oil prices have contributed to the depreciating ringgit coupled with the uncertainty in the global market which has slowed down incoming investments.
The ongoing trade tension between United States and China has affected emerging markets including Malaysia, and the outcome from the discussions between US President Donald Trump and Chinese President Xi Jinping in Argentina this week will affect the ringgit’s direction.Trump and Xi are expected to meet at the G20 summit and investors are hoping for a ceasefire on trade tariff hikes and the ringgit also traded higher against other major currencies.
It was marginally higher against the Singapore dollar at 3.0486/0534 from Friday’s close of 3.0489/0530, rose against the yen to 3.7118/7169 from 3.7150/7189.
It appreciated against the euro to 4.7539/7600 from 4.7680/7730 and appreciated against the British pound to 5.3683/3772 from 5.3855/3927. – Bernama