Ringgit depreciates versus US dollar on mixed sentiments, weak crude oil

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KUALA LUMPUR (Aug 12): The ringgit opened easier against the US dollar on Friday (Aug 12), due to mixed sentiments and falling crude oil prices, said an analyst.

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At 9am, the local currency had fallen to 4.4450/4495 versus the greenback, from Thursday’s close at 4.4445/4460.

The analyst said with worries over inflation and global growth, as well as tighter financial conditions for the greenback, the local note is not expected to strengthen in the near term.

He said an increase in US interest rates would put pressure on the ringgit.

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Meanwhile, the local note traded higher against a basket of major currencies.

It rose against the Singapore dollar to 3.2441/2478 from 3.2456/2469, and gained versus the pound to 5.4162/4217 from 5.4307/4326.

The local currency improved vis-a-vis the yen to 3.3351/3387 from 3.3516/3529 on Thursday, and appreciated against the euro at 4.5846/5892 from 4.5934/5949.-BERNAMA


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