Ringgit opens lower on mixed sentiment, weak crude oil prices

Ringgit opens lower on mixed sentiment, weak crude oil prices

At 9am, the local currency fell to 4.4450/4495 versus the greenback from Thursday’s close of 4.4445/4460. ― Reuters pic

Friday, 12 Aug 2022 9:42 AM MYT

KUALA LUMPUR, Aug 12 — The ringgit opened easier against the US dollar on Friday due to mixed sentiments and falling crude oil prices, said an analyst.

At 9am, the local currency fell to 4.4450/4495 versus the greenback from Thursday’s close of 4.4445/4460.

The analyst said with the worries on inflation and global growth, as well as tighter financial conditions for the greenback, the local note is not expected to strengthen in the near term.

He said the increase in US interest rate would put pressure on the ringgit.

Meanwhile, the ringgit traded higher against a basket of major currencies.

It rose against the Singapore dollar to 3.2441/2478 from 3.2456/2469 and gained versus the British pound to 5.4162/4217 from 5.4307/4326 previously.

The local currency improved vis-a-vis the Japanese yen to 3.3351/3387 from 3.3516/3529 on Thursday and appreciated against the euro at 4.5846/5892 from 4.5934/5949 at yesterday’s closing. — Bernama