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Ringgit opens lower against US dollar

The ringgit opens lower against the US dollar but is expected to remain firm on prevailing expectations of  support from higher oil prices. — AFP picThe ringgit opens lower against the US dollar but is expected to remain firm on prevailing expectations of support from higher oil prices. — AFP picKUALA LUMPUR, Dec 7 — The ringgit opened lower against the US dollar this morning as the greenback strengthened on continued optimism from the US tax reform, dealers said.

At 9am, the local unit opened at 4.0840/0870 against the greenback from 4.0730/0780 yesterday.

A dealer said the US dollar climbed higher on increasing expectation the US House and Senate would reconcile their tax bills over the next week or two, with the legislation ready to be signed before the books were closed on 2017.

He said markets' focus now was on Federal Open Market Committee meeting next week for the most-awaited decision on US monetary policy which they were fully expecting the Federal Reserve to raise interest rates next Wednesday by 25 basis points for the third time this year.

Meanwhile, the ringgit was expected to remain firm against US dollar on prevailing expectations of a firmer local unit amid support from higher oil prices and expected policy normalisation, he said.

The local note was also traded lower against a basket of major currencies.

The ringgit fell against the Singapore dollar to 3.0252/0290 from 3.0213/0261 yesterday and slipped against the euro to 4.8171/8294 from 4.8155/8218 yesterday

It decreased against the British pound to 5.4652/4700 from 5.4513/4584 yesterday and declined against the yen to 3.6315/6348 from yesterday's 3.6311/6365. — Bernama

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