Malaysian Ringgit Opens Lower Against US Dollar

KUALA LUMPUR, Nov 1 (Bernama) -- The Malaysian ringgit opened lower against the US dollar on Tuesday following lower oil prices. At 9 am, the local unit was quoted at 4.1950/2000 against the US dollar from Monday's 4.1915/1985 . A dealer said the market had doubts about the Organisation of Petroleum Exporting Countries' (OPEC) agreement on Monday to cut oil production. It was reported that OPEC agreed to trim production to a range of 32.5 million to 33 million barrels a day, and is due to finalise the deal at the end of this month in Vienna. The ringgit was also lower against other major currencies. It fell against the Singapore dollar to 3.0147/0205 from Monday's 3.0105/0166 and depreciated against the euro to 4.6002/6074 from 4.5918/5003 on Monday. The local unit was also down against the pound sterling to 5.1263/1332 from 5.0998/0087 Monday and fell against the Japanese yen to 4.0040/0092 from 3.9904/9982 on Monday. --BERNAMA