Ringgit opens lower against US dollar

KUALA LUMPUR: The ringgit opened lower against the US dollar this morning as gains in oil prices and the strengthening US dollar weighed on the local note, dealers said.
At 9.07am, the ringgit was traded at 4.4480/4520 versus the greenback from 4.4455/4485 on Wednesday.
It was reported that crude oil price fell due to increased US stockpile, with producers boosting shale oil production.
The benchmark brent crude was traded 0.09% lower at US$56.31 per barrel.
On another note, FXTM Vice-President of Market Research Jameel Ahmad said the US dollar would continue to strengthen over the near-term following a possible interest rate rise in March and given the consistent strength of US economic data.
"Basically my opinion is that the markets will now begin to shift focus away from US President Donald Trump and begin to price in the possibility that the US Federal Reserve could pull the trigger (raise interest rates) this month," said Jameel in a statement.
On the home front, focus would be centered on Bank Negara Malaysia's second Monetary Policy Committee meeting for the year, due later today, where it will decide whether to keep or change the overnight policy rate (OPR).
On Jan 19, BNM decided to maintain the OPR at 3%.
Meanwhile, the ringgit traded mostly higher against other major currencies.
It rose against the Singapore dollar to 3.1539/1572 from 3.1557/1601 on Wednesday and versus the Yen, increased to 3.9035/9080 from 3.9150/9183.
The ringgit, however, fell marginally against the Euro to 4.6886/6933 from 4.6856/6892 but improved against the British pound to 5.4648/4715 from 5.4991/4037 yesterday. — Bernama