KUALA LUMPUR, March 7 — The ringgit opened slightly lower against the US dollar today on lack of buying interest.
At 9am, the local note was trading at 4.1775/1805 versus the greenback compared with 4.1760/1795 at Friday’s close. SPI Asset Management managing partner Stephen Innes said regional stock inflow should remain due to the persistent fears surrounding the Russia-Ukraine conflict that could weigh on the local currency via risk aversion and the flight to safety channel, which favours hard assets like gold and other commodities.
“Offshore renminbi trading as the regional haven amidst global pressure and risk aversion, and is anchoring the ringgit,” he said in a note today.It strengthened versus the Singapore dollar to 3.0640/0665 from Friday’s 3.0715/0745 but declined against the yen to 3.6317/6346 from 3.6178/6211. The domestic unit was higher vis-a-vis the British pound at 5.5151/5191 from 5.5558/5604 and went up versus the euro to 4.5393/5425 from 4.5994/6033. — Bernama