KUALA LUMPUR, Sept 9 — The ringgit continued to open lower against the US dollar today due to a stronger greenback and amid fragile sentiment for the local note, an analyst said.
At 9.05 am, the local currency was quoted at 4.1700/1770 against the greenback from yesterday’s close of 4.1650/1700.
AxiCorp chief global market strategist Stephen Innes said despite strong bond inflows, the local note gave way to toxic global risk sentiment driven by the US tech stocks sell-off and simultaneously the gnarly fall in oil prices has clouded the bullish viewfinder.
“And to round out the negative scrim, the US shift to manufacturing internalisation will likely weigh on crucial export sectors with strong betas to the US economy, such as Malaysia’s huge electrical machinery manufacturing industries,” he told Bernama.
Brent crude oil price fell 0.15 per cent to US$39.72 per barrel.
At opening bell, the ringgit was traded mostly higher against other major currencies.
It surged against the British pound to 5.4052/4146 from Tuesday’s 5.4412/4494 and advanced against the euro to 4.9081/9180 from 4.9118/9185.
The domestic unit depreciated against the Singapore dollar to 3.0409/0471 from 3.0399/0458 and eased against the yen to 3.9351/9428 from 3.9156/9214.