Ringgit opens unchanged amid cautious investors

Ringgit opens unchanged amid cautious investors
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KUALA LUMPUR (March 23): The ringgit was unchanged at today’s opening amid cautious investors after economic powerhouse the US, the UK, the European Union (EU) and Canada imposed sanctions against China due to human rights concerns.

As at 9am, the ringgit opened unchanged against the greenback at  4.1120/1150, compared with 4.1120/1160 at yesterday’s close.

China has been sanctioned over alleged human rights abuses against Uyghur Muslims in Xinjiang, drawing an immediate reaction from Beijing.

“This will increase concerns over future economic trade involving nations. The US and China, for example, are both our big trading partners, and whatever happens to both countries would affect the currency market, including the ringgit,” a dealer told Bernama.

Meanwhile, Axi chief global market strategist Stephen Innes said the local currency would continue to trade on the weaker side due to softer oil prices currently trading at US$64.06 (RM263.51) per barrel, down by 0.87%.

“However, with US yields softening a bit and the US dollar generally weaker across the board this morning, the ringgit and local Asia foreign exchange should trade with a more positive beat today,” he expressed hope.

The local note was traded mixed against a basket of major currencies.

The ringgit appreciated against yen to 3.7777/7815 from 3.7843/7883 at yesterday’s close and rose against British pound to 5.6935/6993 from 5.6964/7031.

The local unit declined vis-a-vis the Singapore dollar to 3.0664/0693 from 3.0652/0689 and depreciated against euro to 4.9060/9113 from 4.8929/8985.