Ringgit Opens Lower Against US Dollar

KUALA LUMPUR, Aug 23 (Bernama) -- The ringgit opened lower against the US dollar in early trade Wednesday morning as the greenback staged a comeback ahead of the annual Jackson Hole Economic Policy Symposium, which will begin on Aug 24, 2017. At 9 am, the local unit was quoted at 4.2810/2840 versus the greenback from 4.2790/2830 on Tuesday. A dealer said the dollar rallied ahead of the US annual symposium as investors expected messages that will give fresh market direction from global central bank leaders, especially Federal Reserve Chair Janet Yellen. "However, investor sentiment towards the ringgit remained positive after Bank Negara Malaysia's (Malaysia's Central Bank) foreign reserves hit a two-year high of US$100.40 billion as at Aug 15, 2017. "The foreign reserves has always been a barometer of confidence among investors towards the country's economy, including the currency," he said. Against a basket of other major currencies, the ringgit was traded mostly higher. It rose against the yen to 3.9017/9056 from Tuesday's close of 3.9138/9193, strengthened against the pound to 5.4835/4891 from to 5.4925/4985 Tuesday and vis-a-vis the euro, it advanced to 5.0289/0341 from 5.0291/0355 previously. The local unit, however, weakened against the Singapore dollar to 3.1406/1440 from 3.1399/1439 on Tuesday. -- BERNAMA