Ringgit opens lower against US dollar

Ringgit opens lower against US dollar
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KUALA LUMPUR (Nov 22): The ringgit opened lower against the US dollar on Monday (Nov 22) as the greenback continued to strengthened amid concerns over growing inflation, coupled with lower oil prices, a dealer said.

At 9am, the local note had weakened to 4.1870/1895 versus the greenback from 4.1810/1850 at last Friday’s close.

The dealer said encouraging US economic data releases and concerns over rising inflation led to calls for a quicker policy tightening by the US Federal Reserve.

"The US economic releases last week indicated a stronger performance in October 2021 despite concerns that supply constraints and resurgence of Covid-19 cases may affect economic activities," he said.

At press time, the benchmark Brent crude oil price had fallen 0.56% to US$78.45 (about RM328.47).

Meanwhile, at opening, the local note was traded lower against a basket of major currencies except against the euro, where it rose to 4.7234/7262 from 4.7249/7295 last Friday.

The ringgit fell versus the British pound to 5.6265/6299 from 5.6147/6200 at last Friday’s close, eased vis-a-vis the Japanese yen to 3.6706/6731 from 3.6675/6714 and slipped against the Singapore dollar to 3.0728/0749 from 3.0702/0736.