Ringgit lower against US dollar at opening

Ringgit lower against US dollar at opening
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KUALA LUMPUR (Aug 4): The ringgit retreated to open lower today as the Brent crude oil price slid.

At 9.06am, the local note had dropped to 4.2260/2290 versus the greenback from yesterday's close at 4.2185/2215.

Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said weakness in the Brent crude oil price overnight was due to the spread of the Delta variant of Covid-19 in China, threatening to disrupt the recovery in global crude consumption.

'’In addition, investors might have also factored in the latest political development in the country," he told Bernama.

Meanwhile, the local note was also traded lower against a basket of major currencies.

The ringgit dropped against the Japanese yen to 3.8774/8805 from 3.8638/8666 and lost against the Singapore dollar to 3.1274/1298 from 3.1223/1247 at yesterday’s close.

The local currency also dipped vis-a-vis the euro to 5.0137/0173 from 5.0128/0164 and weakened against the British pound to 5.8771/8813 from 5.8696/8738.