Ringgit Extends Losses To Open Marginally Lower Against US Dollar

KUALA LUMPUR, Aug 16 (Bernama) -- The ringgit extended Tuesday’s losses to open marginally lower against the US dollar Wednesday, in line with most emerging countries’ currencies as more investors shifted interests towards the greenback, a dealer said. At 9.15 am, it was quoted at 4.2945/2975 against the greenback from Tuesday's close of 4.2940/2980. The dealer said the greenback rose against major currencies Tuesday night after the US announced positive retail sales data, which showed the largest gain in seven months. "This signals another possible interest rate increase by the US Federal Reserve this year,” he said. Meanwhile, the ringgit ended higher against other major currencies. It rose against the Singapore dollar to 3.1393/1426 from 3.1435/1476 on Tuesday and appreciated versus the yen to 3.8777/8807 from 3.8898/8938 Tuesday. The local unit increased against the euro to 5.0405/0453 from 5.0450/0506 Tuesday and strengthened against the British pound to 5.5232/5283 from 5.5388/5444 on Tuesday. -- BERNAMA