Ringgit opens lower against US dollar

Ringgit opens lower against US dollar

KUALA LUMPUR: The ringgit opened lower against the US dollar today on the back of weakening crude oil prices, dealers said.

At 9.05 am, the ringgit was quoted at 4.0630/0680 to the greenback from 4.0300/0400 on Tuesday.

A dealer said the decline in oil prices weighed heavily on global sentiment with persistent concerns over the excessive oversupply haunting investors.

He said sentiment remained bearish towards the commodity and mounting anxiety towards its incessant decline could provide an additional foundation for bears to install another round of selling.

The ringgit, meanwhile, traded lower against a basket of major currencies.

It declined against the British pound to 5.4131/4226 from 5.3309/3465 on Tuesday and weakened against the Singapore dollar to 3.0294/0351 from 3.0068/0165.

The ringgit depreciated against the yen to 4.0144/0214 from 3.9619/9736 and eased against the euro to 4.5562/5631 from 4.5116/5240. — Bernama