Ringgit opens slightly lower against US dollar

KUALA LUMPUR: The ringgit was slightly lower against the US dollar in early trade today despite the extension in crude oil production cuts.
At 9 am, the local currency, which was heavily influenced by oil price movements, was quoted at 4.2680/2730 against Friday's close of 4.2670/2700.
The Organisation of Petroleum Exporting Countries (OPEC) and non-members, led by Russia, agreed to extend cuts in oil output by nine months to March 2018.
FXTM Research Analyst Lukman Otunuga said a strong sense of disappointment had a punishing effect on oil markets last week with prices tumbling five per cent after OPEC underwhelmed participants by renewing an agreement to cap output by 1.8 million barrels a day until March 2018.
"With the resurgence of US Shale obstructing OPEC's efforts to quell the oversupply woes this year, most investors were hoping for deeper cuts to effectively rebalance the saturated markets,"he said in a statement.
Against other major currencies, the ringgit was traded higher.
It rose against the Singapore dollar to 3.0843/0901 from 3.0844/0886 on Friday, increased against the British pound to 5.4724/4801 from 5.4912/4955, appreciated against the yen to 3.8319/8374 from 3.8452/8496 and rose against the euro to 4.7674/7747 from 4.7859/7897, previously. — Bernama