Ringgit opens lower against US dollar

19 Nov 2019 / 11:07 H.

KUALA LUMPUR: The ringgit opened lower against the US dollar today as investors turned to US dollar as a safe haven following doubts on the progress of US-China trade talks, said a trader.

At 9.05pm, the ringgit was trading at 4.1590/1630 against the greenback from Monday’s close of 4.1540/1570.

Axi Trader Asia-Pacific market strategist Stephen Innes said in the latest rumour mill from China suggested that mood in Beijing was ‘pessimistic’ over the trade deal as US President Donald Trump is reportedly not in favour of any tariff rollbacks.

“It appears that Beijing is very much bothered as it thought both parties agreed to do so in principle. With the constant stream of trade talk confusion, it makes one wonder if anyone is even remotely on the same page.

“Trust remains a considerable problem, and there is still little clarity on how that trust gap might be bridged, especially given China has made it clear that removing existing additional tariffs is a precondition for reaching a deal,” he said in a note.

Due to the latest development on the trade talk, oil prices also slipped with the benchmark Brent crude was trading almost 0.3% weaker to US$62.27 per barrel as at the time of writing.

The ringgit meanwhile, was traded mostly lower against other major currencies.

It weakened against the Singapore dollar at 3.0549/0583 from yesterday’s 3.0531/0557 and went down vis-a-vis the yen to 3.8328/8376 from 3.8192/8230.

The local note marginally improved against the British pound to 5.3842/3898 from 5.3844/3891 but fell against the euro to 4.6011/6064 from 4.5943/5993 previously. — Bernama

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