A customer counts her ringgit notes outside a money changer at the central business district in Singapore in this August 25, 2015 file photo. Malaysia's ringgit jumped more than 5 percent to a five-week high on October 7, 2015 on stop-loss dollar selling and higher local stocks. The ringgit, the worst performing Asian currency so far this year, surged as much as 5.2 percent to 4.1600 per dollar, its strongest since Sept 1. REUTERS/Edgar Su/Files

Malaysia: Ringgit opens lower versus US$ on falling oil prices

  • Feb 07, 2022

KUALA LUMPUR: The ringgit opened lower against the US dollar on lack of demand due to falling crude oil prices, said an analyst.

At 9.02 am, the local currency traded 4.1835/1875 versus the greenback from Friday’s close of 4.1805/1810.

The analyst said investors are staying away from the local forex market ahead of Malaysia’s fourth quarter 2021 gross domestic product (GDP) results due Friday.

“The local note is expected to trade easier due to escalating daily COVID-19 cases in the country,” he told Bernama.

On Sunday, 10,089 cases were reported, taking the country’s cumulative number of COVID-19 infections to 2,914,220.

Meanwhile, the local currency traded mostly higher against a basket of other major currencies.

The ringgit appreciated against Japanese yen to 3.6299/6337 versus Friday’s close of 3.6365/6372, rose against British pound to 5.6615/6669 from 5.6721/6728 and increased against Euro to 4.7909/7955 from 4.7929/7935, previously.

However, it deprecated against Singapore dollar to 3.1097/1129 against Friday’s close of 3.1096/1102. – Bernama