Ringgit opens lower against US dollar over US-China trade concerns

As at 9am today, the local note stood at 4.0750/0790 against the greenback’s close yesterday of 4.0700/0750. — Reuters pic
As at 9am today, the local note stood at 4.0750/0790 against the greenback’s close yesterday of 4.0700/0750. — Reuters pic

, Feb 12 — The ringgit opened lower against the today as investors stayed on the sidelines due to looming geopolitical concerns over the upcoming US- trade talks.

As at 9am today, the local note stood at 4.0750/0790 against the greenback’s close yesterday of 4.0700/0750.

A dealer said the uncertainty over the outcome of the talks has shifted investors to safe haven for now.

“As the situation continues, not only it affects the trade but also the . The ringgit performance is heavily reliant on the stability of oil prices,” he said.



As of 9am, benchmark crude was at US$61.51 (RM250.87) per barrel compared to US$62.12 per barrel yesterday.

He added ties between the two superpowers had been tense especially in the technology sector involving one of China’s biggest companies, Huawei Technologies.

It was reported that the US president is set to sign an executive order banning companies in the US wireless sector from buying telecom equipment, with the ultimatum is expected to be known in coming weeks.

“This has affected sales by the US technology giant Inc as its shipment to China fell 19.9 per cent during the fourth quarter,” he said.

Meanwhile, the ringgit was traded higher against other major currencies.

It strengthened against the dollar to 2.9932/9973 from 2.9953/0001 yesterday and rose against the yen to 3.6871/6917 from 3.6913/6961.

Against the euro, the local unit inched up to 4.5937/6003 from 4.5937/6003 and appreciated against the British pound to 5.2413/2480 from 5.2495/2576. — Bernama
 

Source: The Malay Mail Online







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