Ringgit opens slightly lower against US dollar

KUALA LUMPUR: The ringgit was slightly lower against the greenback in early trade today on weaker demand for the local note due to the possibility of the Federal Reserve raising borrowing costs further.

At 9.19am, the local unit stood at 4.1570/1620 against the US dollar from 4.1550/1580 on Thursday.

A dealer said investors’ interest shifted towards the US dollar, supported by the recent release of the Federal Reserve’s September meeting minutes, which showed policymakers were broadly in agreement on the need to raise borrowing costs.

Meanwhile, the ringgit traded mostly higher against other major currencies except against the yen, as it fell to 3.7010/7058 from 3.6920/6953 at the close yesterday.

The local note rose against the Singapore dollar to 3.0108/0148 from 3.0163/0196, improved versus the euro to 4.7631/7701 from 4.7891/7929 and appreciated against the British pound to 5.4132/4214 from 5.4530/4586. — Bernama

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