KUALA LUMPUR, July 24 — The ringgit was marginally lower against the US dollar at the opening and could struggle to get a foothold in today’s session, partly due to weaker oil prices, caused by renewed supply issues.
At 9am, the local note was quoted at 4.0650/0700 versus the greenback from yesterday’s close of 4.0610/0650.
OANDA Head of Trading in Asia-Pacific, Stephen Innes also said it had been very quiet for ringgit -denominated bonds and currency markets.
“While the ringgit against the US dollar moved lower on US President Donald Trump’s verbal intervention, the greenback in general is picking up momentum in G-10 space and with commodities trading weaker, after the People’s bank of China’s induced euphoria.
“Emerging market currencies will trade with a weaker bias,” he added.
Trump had accused China, the European Union and others of manipulating their currencies and interest rates, positioning the greenback at a disadvantage.
Meanwhile, the local unit was mixed versus a basket of major currencies.
It appreciated against the Singapore dollar to 2.9743/9786 from 2.9757/9793 on Monday and improved against the British pound to 5.3247/3329 from 5.3276/3341.
The ringgit eased against the euro to 4.7528/7595 from 4.7497/7548 and fell against the yen to 3.6552/6607 from 3.6536/6579. — Bernama
Source: The Malay Mail Online