Malaysian Ringgit Opens Lower Against US Dollar

KUALA LUMPUR, June 20 (Bernama) -- The Malaysian ringgit opened lower against the US dollar on Tuesday as mild recovery in buying interest helped the greenback recover from Monday’s drop due to profit-taking. At 9 am, the local unit stood at 4.2815/2845 against the greenback from 4.2760/2790 on Monday. A dealer said the ringgit performance throughout the week would largely depend on the strength or weakness of the dollar. “The economic data front from Malaysia were also relatively light, although the latest inflation data were scheduled to be released this coming Wednesday with the gradual recovery in the ringgit over the past few months likely to have eased price pressures,” he said. The ringgit, however, was traded higher against a basket of major currencies. It appreciated against the Singapore dollar to 3.0869/0904 from Monday’s closing of 3.0921/0947 and strengthened against the yen to 3.8341/8374 from 3.8526/8567 yesterday. The local unit firmed against the British pound to 5.4516/4572 from 5.4746/4805 yesterday and edged up against the euro to 4.7747/7785 from 4.7853/7903 on Monday. -- BERNAMA