Malaysian Ringgit Opens Lower Against US Dollar

KUALA LUMPUR, March 31 (Bernama) -- The Malaysian ringgit opened lower against a rejuvenated US dollar on Friday, said a dealer. At 9.23 am, the local unit was quoted at 4.4220/4260 against the dollar from 4.4190/4220 at 6pm on Thursday. The greenback rose on a combination of technical trading and strong first quarter US Gross Domestic Product data. "The 4.42 level was tested again, as technically, the local unit was in a overbought position. "Month-end commercial demand from exporters should support ringgit from weakening further," he added. Against a basket of major currencies, the ringgit was traded almost higher. The local note gained against the euro to 4.7236/7296 from 4.7442/7488 on Thursday and advanced against the Singapore dollar to 3.1629/1662 from yesterday's 3.1677/1703. It appreciated against the yen to 3.9450/9497 from 3.9732/9763 on Thursday but declined against the British pound to 5.5204/5285 from 5.4959/5014 yesterday. -- BERNAMA