business
Ringgit opens lower against US dollar
At 9.02am, the ringgit was quoted at 4.1180/1210 to the US dollar against 4.0950/0030 at 5pm yesterday. – The Malaysian Insider file pic, March 11, 2016. The ringgit opened lower against the US dollar this morning as the slight decline in global oil prices dampened sentiment for the local note, dealers said.
At 9.02am, the local unit was quoted at 4.1180/1210 to the US dollar against 4.0950/0030 at 5pm on Thursday.
Global oil benchmark Brent went down US$1.02 or 2.5 per cent to US$40.05 per barrel.
"If oil prices continue to fall, it would hurt the ringgit going forward as it would decrease the country's oil and gas revenue," the dealer said.
However, another dealer said Bank Negara's decision to maintain the overnight policy rate at 3.25 per cent would help the ringgit's position going forward.
Meanwhile, the ringgit also weakened against other major currencies.
It depreciated against the Singapore dollar to 2.9821/9849 from 2.9650/9730 yesterday and decreased against the euro to 4.6072/6114 from 4.4889/4985.It was also lower against the British pound at 5.8772/8827 from 5.8206/8332, and slid against the yen to 3.6359/6395 from 3.6098/6185. – Bernama, March 11, 2016.
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