Ringgit weakens against US dollar as US-China trade spat lingers

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KUALA LUMPUR (July 30): The ringgit opened easier against the US dollar today on lack of buying interest for the local note and prompted by growing optimism over higher US interest rates, a dealer said.

At 9am, the ringgit stood at 4.0605/0645 versus the greenback from Friday’s close of 4.0600/0650.

Oanda Head of Trading Asia-Pacific, Stephen Innes said the ringgit will continue to struggle amid concerns over the impact of a trade war on China’s economy.

Against other major currencies, the ringgit fell against the Singapore dollar to 2.9806/9851 from 2.9763/9806 and depreciated against the yen to 3.6568/6611 from 3.6508/6562.

Vis-a-vis the British pound, the ringgit declined to 5.3225/3298 from 5.3117/3199, and against the euro it was lower at 4.7341/7392 from 4.7193/7264.