Concerns on Ringgit Closes Lower Against US dollar

Malaysia bank note

KUALA LUMPUR, Sept 3 — The ringgit opened lower against the US dollar this morning on fresh demand for the greenback following encouraging US employment data, said a dealer.           


At 9.05 am, the local unit was quoted at 4.2300/2400 to the greenback from yesterday’s 4.2070/2150.      


The dealer said the higher US hiring data had strengthened speculation that the US Federal Reserve would raise interest rates later this month.          


The ringgit was also traded mostly lower against a basket of major currencies.  


It declined against the Singapore dollar to 2.9835/9929 from 2.9736/9803 yesterday and was slightly lower versus the yen at 3.5098/5187 from 3.5096/5178 yesterday.


It depreciated against the pound sterling to 6.4749/4923 from yesterday’s 6.4346/4477 and rose against the euro to 4.7444/7564 from 4.7455/7549 yesterday.


The ringgit was also traded lower against other major currencies.   


The ringgit had stabilized from the recent drop, it is taking advantage of the recent substantial gains in crude oil prices.  However, we don't expect the ringgit to drop much further, but this would depend on the crude oil movement, just hope it can be stable the rate of ringgit currency.