Malaysian Ringgit Opens Lower Against US Dollar

KUALA LUMPUR, March 8 (Bernama) -- The Malaysian ringgit opened slightly lower against the US dollar as weaker global crude oil price dampened demand for the local note. At 9.12 am, the local unit was traded at 4.4470/4520 against the greenback from 4.4450/4490 at 6pm Tuesday. A dealer said oil futures fell in Asian trade today as industry data indicated a potential ninth straight week of inventory build-up, renewing market woes over global oversupply of oil. As at 9 am, international benchmark Brent crude oil futures was 0.5 per cent lower at US$55.63 a barrel, after settling 0.2 per cent easier in the previous session. Meanwhile, the ringgit was traded lower against other major currencies. The local note declined against the Singapore dollar to 3.1541/1595 from 3.1491/1524 and versus the yen, it fell to 3.9077/9132 from 3.8991/9030. The ringgit depreciated against the euro to 4.7014/7071 from 4.6953/6999 on Tuesday and was lower against the British pound at 5.4293/4363 from 5.4238/4291 yesterday. -- BERNAMA