KUALA LUMPUR: The ringgit opened lower against the US dollar today as market players have become more risk averse due to challenging global economic prospects, an analyst said.
At 9 am, the local note eased to 4.6565/6590 against the US dollar from 4.6535/6575 at Monday’s close.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said he believes the ringgit will continue to weaken against the US dollar despite China’s encouraging stimulus measures. China has stepped up measures to boost the country’s faltering economy, with top banks paving the way for further cuts in lending rates, including relaxing restrictions on home purchases.
"Meanwhile, crude oil prices are rising as Opec+ members are expected to keep supplies tight in order to support prices. In that sense, the direction is quite blurry but one thing for sure is that the hawkish US Federal Reserve will keep the US dollar at a higher level,” Mohd Afzanizam told Bernama.The local note decreased versus the euro to 5.0258/0285 from 5.0230/0273 at Monday’s close, slipped against the British pound to 5.8812/8843 from 5.
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