KUALA LUMPUR, Oct 23 — The ringgit opened lower against the US dollar today as the stronger greenback curbed demand for the local unit, dealers said.
At 9.03am, the local unit stood at 4.2270/2330 against the greenback from Friday’s close of 4.2240/2260.
A dealer said the greenback strengthened after the announcement of US President Donald Trump’s tax reform agenda, which paved the way for tax cuts, without the Democratic Party’s support.
“However, the coming Malaysia’s 2018 Budget announcement, which will likely target the needs of the bottom 40 per cent household income group, is expected to give support to the local note,” the dealer said.
Meanwhile, the ringgit ended mostly higher against other major currencies, except British pound, where it fell to 5.5708/5791 from 5.5512/5555 on Friday.
The ringgit rose against the Singapore dollar to 3.1008/1054 from 3.1057/1085 on Friday, strengthened against the yen to 3.7105/7161 from 3.7252/7279 last week and increased against the euro to 4.9688/9772 from 4.9885/9922 previously. — Bernama