KUALA LUMPUR, Oct 7 — The ringgit opened marginally lower against the US dollar today, remaining within a narrow trading range amid mixed global market cues.
At 8 am, the local note eased slightly to 4.0840/0885 against the greenback from Tuesday’s close of 4.0835/0880.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the 0.33 per cent decline in the US Dollar Index (DXY) to 101.833 points, coupled with Brent crude oil prices hovering around US$100 per barrel, provided some support for the ringgit.
He said global equities were also trading positively amid optimism over corporate earnings, reflecting stronger sentiment in financial markets.
“On that note, improved risk appetite among traders is providing support to the ringgit today,” he told Bernama.
The ringgit also traded mostly lower against major currencies at the opening.
It weakened against the British pound to 5.4174/4234 from Tuesday’s close of 5.4066/4125 and slipped against the euro to 4.5949/6000 from 4.5907/5957.
However, it strengthened against the Japanese yen to 2.5794/5824 from 2.5807/5837.
The ringgit also traded mostly lower against regional currencies.
It eased against the Thai baht to 12.1439/1627 from 12.1424/1609 and against the Singapore dollar to 3.1956/1994 from yesterday’s close of 3.1935/1975.
The local note was unchanged against the Philippine peso at 6.50/6.51 and remained almost flat against the Indonesian rupiah at 228.1/228.5.
