Ringgit opens lower against US dollar

 Publish date: Fri, 30 Oct 2020, 10:21 AM

KUALA LUMPUR: The ringgit opened lower against the US dollar today on lack of demand, as the stronger greenback mitigated interest for the local currency, said a dealer.
At 9.05am, the local currency was traded at 4.1570/1630 versus the US dollar, compared with Wednesday's close of 4.1520/1570.
The market was closed yesterday for the Maulidur Rasul (the birthday of Prophet Muhammad) celebration.
The dealer said Malaysia returns from holiday today to a market gripped by reopening fears, an uncertain oil market, and escalating Covid-19 cases globally. 
The Budget 2021 announcement on Nov 6 is also weighing on local currency trends.
Meanwhile, the ringgit was traded higher against other major currencies.
It improved against the Singapore dollar to 3.0419/0474 from Wednesday's close of 3.0469/0517, and rose against the British pound to 5.3746/3828 from 5.3860/3929.
The ringgit ticked up against the euro to 4.8525/8611 from 4.8778/8841, and increased versus the yen to 3.9765/9834 from 3.9835/9894 previously.
 - Bernama


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