Ringgit opens slightly lower against US dollar

KUALA LUMPUR: The ringgit opened slightly lower against the US dollar on better demand for the greenback as market perception that the US economy was on a recovery path, gained momentum.
At 9am, the ringgit was traded at 4.2320/2350 against the US dollar from 4.2315/2325 at 6pm on Tuesday.
However, a dealer said sentiment was cautious as investors awaited the outcome of the US Federal Reserve's two-day policy meeting for clues on future tightening and indications that the Fed would resume raising rates next month.
"The ringgit will likely be traded higher later, riding on the bullish oil prices on hopes of an extension of output cuts by major oil producers," he added.
At 8.45am, international benchmark Brent futures were 0.36% higher at US$61.16 per barrel while US West Texas Intermediate (WTI) crude was up 0.5% at US$54.65 a barrel.
Against a basket of major currencies, the ringgit was traded mixed.
The local note rose against the Singapore dollar to 3.1022/1064 from 3.1071/1096 yesterday and improved to 3.7155/7192 from 3.7354/7373 versus the yen.
It declined against the British pound to 5.6188/6245 from 5.5856/5886 on Tuesday and was lower at 4.9256/9295 from 4.9225/9241 when compared with the euro. — Bernama