Ringgit opens weaker against US dollar

KUALA LUMPUR, Mar 29: The ringgit opened weaker against the US dollar today on mild profit-taking and lack of demand for the local note.

At 9.28 am, the ringgit was quoted at 4.4170/4220 versus the greenback against 4.4120/4150 on Tuesday.

A dealer said some traders took profit, as technically, the local unit had gained sharply recently.

“The firmer crude oil prices due to the disruption to Libyan oil supplies may reduce the ringgit’s weaknesses this week in facing the US dollar that may rejuvenate in the short term as the Federal Reserve reinforced expectations of more US rate increases to come,” he said.

The ringgit, however, was stronger against other major currencies.

It edged up against the Singapore dollar at 3.1606/1665 from 3.1632/1660 on Tuesday and appreciated against the yen to 3.9743/9806 from 3.9845/9886 yesterday.

The local currency strengthened against the British pound to 5.4811/4895 from 5.5428/5474 on Tuesday and was higher against the euro at 4.7783/7846 from 4.7897/7947 yesterday.

— Bernama

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