Ringgit opens lower amid cautious sentiment

KUALA LUMPUR,. The ringgit opened slightly lower against the US dollar today amidst cautious sentiment over the global market situation, with investors on the lookout for economic data to be released soon, a dealer said.

At 9.05am, the local currency eased to 4.1430/1490 against the greenback from Tuesday’s close of 4.1400/1450.

The dealer said that the market could experience some volatility with the expected release of three macro indicators from the United States (US), namely, Core Durable Goods Orders, first quarter gross domestic product (GDP) and Initial Jobless Claims.

“The GDP for the first quarter is the most important driver to be watched today, as investors would pay attention to this number to understand the path of recovery in the US and thus the possibility of a change in the interest rate.

“Should the ringgit price break below 4.1340, it could fall to 4.1000 in the coming weeks,” he said.

Meanwhile, the local note was traded mostly higher against a basket of major currencies.

The ringgit fell against the Singapore dollar to 3.1251/1308 from Tuesday’s close of 3.1238/1281, but strengthened vis-a-vis the euro to 5.0478/0556 from 5.0727/0805 previously.

It had also appreciated against the yen to 3.7943/8005 from 3.8044/8101 on Tuesday and increased against the British pound to 5.8433/8522 from 5.8697/8784 previously.

The market was closed yesterday in conjunction with Wesak Day celebration, and has resumed operations today. — Bernama


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