Ringgit opens slightly lower

KUALA LUMPUR: The ringgit opened slightly lower against the US dollar today as traders stayed cautious ahead of a widely expected US interest rates cut later this month.

At 9.05am, the ringgit stood at 4.1120/1170 from Monday’s close of 4.1110/1150.

A dealer said the ringgit is moving within a tight range ahead of the Federal Open Market Committee meeting on July 30-31.

He said the European Central Bank is also expected to announce its monetary policy on Thursday.

In addition, the dealer said investors are also looking forward to the outcome of the US-China Trade Truce 2.0.

It was reported that face-to-face meetings between the two countries in respect of trade negotiators could likely happen soon after a few rounds of telephone conversations.

Overall, the ringgit traded mostly higher against a basket of major currencies.

It was up against the Singapore dollar to 3.0189/0236 from yesterday’s close of 3.0219/0253 and gained against the yen to 3.8056/8113 from 3.8104/8151.

The local unit also advanced vis-a-vis the euro to 4.6063/6131 from 4.6109/6166, but was down versus the British pound to 5.1264/1343 from 5.1248/1306. — Bernama

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