Ringgit opens marginally lower

KUALA LUMPUR (Aug 8): Amid the tension of US-China trade war, the ringgit opened slightly lower against the US dollar after a mild rebound yesterday.

As of 9.05am, the ringgit stood at 4.1870/1920 from Wednesday’s close of 4.1860/1920.

Markets were slightly relieved, knowing trade talks resumption is expected to take place, according to VM Markets Pte Ltd managing partner Stephen Innes.

 “On top of that, current oil prices should ease downward pressure on the ringgit today,” he said in a statement.

However, against the other major currencies, the local note traded lower.

It reversed its gains and traded at 3.0268/0315 against the Singapore dollar from 3.0259/0313,  declined against the British pound to 5.0868/0945 from 5.0814/0903 and fell against the euro to 4.36940/7001 versus 4.6820/6892 yesterday. Against the yen, the ringgit was also weaker from 3.9387/9454 to 3.9485/9543 yesterday.

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