Malaysian Ringgit Opens Lower Against US Dollar

KUALA LUMPUR, March 28 (Bernama) -- The Malaysian ringgit opened lower against the US dollar Tuesday on mild profit taking after yesterday's sharp gain, a dealer said. At 9 am, the local note was traded at 4.4150/4200 against the greenback from Monday's close of 4.4090/4130. A dealer said traders took profit, as technically, the local unit was in a overbought position late Monday. "Ringgit is expected to trade within the range of 4.41-4.42 as negative sentiment towards the greenback persisted after concerns mounted over the ability of US President Donald Trump's administration to deliver election campaign pledges," he added. The ringgit, however, traded mixed against other major currencies. It was marginally higher against the Singapore dollar at 3.1662/1703 from 3.1667/1703 on Monday and fell against the euro to 4.7938/7997 from 4.7913/7960. The local note strengthened against the British pound to 5.5466/5537 from 5.5496/5555 on Monday and was higher against the yen at 3.9911/9960 from 3.9976/9016 yesterday. -- BERNAMA