Malaysian Ringgit Opens Slightly Lower Against US Dollar

KUALA LUMPUR, March 7 (Bernama) -- The Malaysian ringgit opened slightly lower against the US dollar on better demand for the greenback, as some traders were still cautious ahead of the next US Federal Reserve (Fed) meeting on March 14-15. At 9.03 am, the local unit was traded at 4.4490/4540 against the greenback from 4.4460/4500 at 6pm Monday. A dealer said although the expected interest rate hike by the Fed was already factored in, cautious sentiment persisted in the market. "This is because the market was unsure of the pace of rate increase this year," he added. Meanwhile, the ringgit was traded higher against other major currencies. The local note rose against the Singapore dollar to 3.1471/1533 from 3.1534/1565 Monday and versus the yen, it improved to 3.9006/9063 from 3.9103/1148. The ringgit appreciated against the euro to 4.7044/7101 from 4.7136/7183 on Monday and was higher against the British pound at 5.4434/4504 from 5.4504/4570 yesterday. -- BERNAMA