KUALA LUMPUR, July 18 — The ringgit opened lower against the US dollar today on cautious sentiment ahead of an economic data to be released tomorrow.
At 9am, the local unit stood at 4.2900/2930 against the greenback from yesterday’s close of 4.2860/2890 but strengthened thereafter to 4.2860/2890 at 9.58am.
FXTM Research Analyst Lukman Otunuga said June’s inflation report would be closely scrutinised for continued signs of stabilisation after reaching an eight-year high of 5.1 per cent in March.
“An inflation figure that meets or prints below the market consensus of 3.9 per cent may illustrate further signs of price stability and ultimately support the improving sentiment towards Malaysia’s economy,” he said.
The ringgit, however, was mixed against other major currencies.
It declined against the Singapore dollar to 3.1330/1357 from 3.1310/1343 on Monday and eased against the yen to 3.8189/8223 from 3.8108/8138.
The local unit fell against the pound to 5.6078/6143 from 5.6039/6092 yesterday but depreciated against the euro to 4.9413/9465 from 4.9113/9152 yesterday. — Bernama