Ringgit opens marginally lower against US dollar

Ringgit opens marginally lower against US dollar
-A +A

KUALA LUMPUR (July 28): The ringgit opened slightly lower against the US dollar today as mixed signals from US macro data continued to support the greenback, a dealer said. 

At 9.02am, the local note had eased to 4.2320/2350 versus the greenback from yesterday's close at 4.2310/2350.

ActivTrades trader Dyogenes Rodrigues Diniz said last week's US initial jobless claims data came in higher than expected.

However, the consumer confidence indicator was higher than expected, which was supportive for the dollar.

"This left the dollar treading water and investors are now awaiting any signal from the Fed (US Federal Reserve) to break the uncertainty, one way or the other," he said.

Meanwhile, Diniz said the greenback had been moving sideways against the ringgit for the last few days and seems to be ready to initiate a corrective downward move at any moment.

From a technical point of view, he said the US dollar against the ringgit could drop to as low as 4.1750, where it may encounter some buying pressure.

At the opening bell, the local note was traded lower against a basket of major currencies.

The ringgit weakened vis-a-vis the euro to 5.0001/0037 from yesterday’s close at 4.9845/9893 and depreciated against the Japanese yen to 3.8511/8542 from 3.8418/8458.

The local unit fell against the British pound to 5.8732/8773 from 5.8286/8341 and declined against the Singapore dollar to 3.1122/1147 from 3.1099/1131.