Ringgit opens lower

Publish date: Tue, 04 Aug 2015, 03:15 AM

KUALA LUMPUR: The ringgit opened lower against the US dollar today on weaker demand for the local unit, dealers said.

At 9am, the ringgit was quoted at 3.8665/8695 against the greenback from 3.8510/8550 recorded on Monday.

A dealer said investors' interest shifted more towards the US dollar following unfavourable manufacturing data and lower oil price.

The headline Nikkei Malaysia Manufacturing Purchasing Managers' Index (PMI) was only slightly higher at 47.7 in July from 47.6 in June.

The ringgit traded lower against other major currencies.

It depreciated versus the Singapore dollar to 2.8006/8046 from 2.7958/7990 yesterday and fell against the yen to 3.1171/1208 from 3.1014/1049 yesterday.

The ringgit eased against the pound sterling to 6.0217/0279 from 6.0156/0231 recorded on Monday and declined against the euro to 4.2276/2321 from 4.2238/2297 the previous day.--BERNAMA

Discussions
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Humpreyliew

Government purposely devalue RM. With weak RM, revenue from crude oil and palm oil will increase by whopping 25%!

2015-08-04 11:19

apanama

Actually devaluation of currency is not being done by Malaysia only. Most of exporting countries. It had been started by Brazil. Followed by Japan. It was happened since 2011. Quite rampantly nowadays. :)

2015-08-04 11:35

Humpreyliew

Weak RM discourage importation of daily goods. Government encourage consumption of local daily goods. Actually help many local goods producers. There are more benefit than negative in weaker currency for exporting country. Only Singapore feeling the heat as it's economy already in technical recession due to artificially strong currency.

2015-08-04 11:56

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