KUALA LUMPUR: The ringgit opened lower against the US dollar today as the greenback strengthened following encouraging news of the US Covid-19 stimulus deal.
At 9.07am, the ringgit was quoted at 4.0430/0470 versus the greenback compared with 4.0375/0415 last Friday.
According to Axi Chief Global Market Strategist Stephen Innes, although US lawmakers looked set to toast the celebratory inking of a stimulus deal, Asian investors woke up to a currency market air pocket as a mutant strain of the coronavirus is expected to throw a chilling wet blanket over the holiday season in Europe.
“Still, with no US stimulus deal tabled and more lockdowns looming, the market is bound to get off to a rocky start,” he said.
Meanwhile, the ringgit was traded mostly higher against all other major currencies.
It marginally rose against the Singapore dollar to 3.0387/0422 from 3.0389/0428 at Friday’s close and improved against the euro to 4.9414/9475 from 4.9451/9512.
However, it depreciated against the Japanese yen to 3.9123/9166 from 3.8983/8029 last Friday and strengthened against the British pound to 5.4200/4262 from 5.4474/4540.