Ringgit Opens Lower Against US Dollar

KUALA LUMPUR, Aug 7 (Bernama) -- The ringgit opened lower against the US dollar after the greenback staged a revival in early trade Monday morning, dealers said. At 9.05 am, the local unit stood at 4.2790/2830 against the greenback compared with Friday's close of 4.2770/2800. A dealer said the greenback rose as investors were optimistic on the back of positive US employment report and a possible reduction in US corporate tax rate. “A statement from the National Economic Council Director Gary Cohn on lowering the corporate tax rate sent uplifting vibes among investors,” a dealer said. Against other major currencies, the local note was, however, higher. The local unit rose against the Singapore dollar to 3.1463/1504 from 3.1534/1570 on Friday and strengthened against the yen to 3.8647/8687 from 3.8857/8895. The ringgit increased against the British pound to 5.5854/5910 from 5.6264/6312 on Friday and improved against the euro to 5.0441/0505 from 5.0811/0864, previously. -- BERNAMA