Ringgit extends downtrend at opening

KUALA LUMPUR: The ringgit extended yesterday’s losses to open lower against the US dollar this morning as interest for the local currency was curbed by the stronger greenback buoyed by optimism of the US-China trade deal, dealers said.

At 9.10am, the ringgit was quoted at 4.1430/1480 against the US dollar from 4.1350/1380 yesterday.

A dealer said sentiment for the US dollar strengthened, bolstered by the latest developments on US-China trade deal, with “phase one” expected to be signed as early as this month.

Nevertheless, reports that both economic powerhouses might push the signing to December to finalise the venue and negotiate terms, could lend support to emerging currencies, including ringgit, he said.

Against a basket of other currencies, the ringgit was also traded mostly lower.

It fell against the Singapore dollar to 3.0452/0504 from 3.0434/0460 on yesterday’s close, weakened versus the Japanese yen to 3.8044/8097 from 3.7946/79840, and decreased against the euro to 4.5846/5914 from 4.5861/5899.

The local currency, however, appreciated slightly vis-a-vis the British pound to 5.3242/3314 from 5.3275/3331 previously.