Ringgit opens lower against greenback for 3rd day

KUALA LUMPUR (Oct 9): The ringgit opened slightly lower against the US dollar for the third consecutive day today on subdued sentiment amid a weaker yuan, said a dealer.

Axi Trader Asia-Pacific market strategist Stephen Innes said the weaker yuan on the back of the negative trade war has weakened the ringgit, which is now in the range of the critical 4.20 level.

At 9.05 am, the local note was at 4.1950/1980 against the greenback from Tuesday’s close of 4.1920/1950.

“The overall international focus remains squarely on the trade talks, and if they end in a contentious affair, the yuan could weaken towards the 4.20 level, which should be sufficient enough to pull the local note towards the 4.21-22 level against the greenback,” he told Bernama.

However, Innes said Budget 2020 is keeping local investor appetite in check.

Meanwhile, the loca  unit traded mostly higher against other major currencies.

It rose against the Singapore dollar to 3.0355/0381 from 3.0381/0407 but versus the Japanese yen, fell to 3.9169/9008 from 3.9148/9187.