Malaysian Ringgit Opens Lower Against US Dollar

KUALA LUMPUR, July 11 (Bernama) -- The Malaysian ringgit opened lower against the US dollar in the early trading session today, on news that US President Donald Trump is set to impose a new 10 per cent tariff on a list of US$200 billion worth of Chinese imports, a dealer said. At 9.00 am, the ringgit was quoted at 4.0320/0350 against the US dollar compared with 4.0200/02504 recorded at Tuesday’s close. “As a result of this announcement, investors have shifted their bets on the greenback, which is currently trading on a positive tone,” the dealer said. He also said the ringgit was trading on a choppy mode as investors took a dovish pause for Bank Negara Malaysia’s Monetary Policy Committee meeting scheduled for Wednesday. “We anticipate no actual shift in rates as new Governor Nor Shamsiah Mohd Yunus is a central bank veteran, and suggests policy continuity.But, markets will be more focused on forwarding guidance. “Given the political and fiscal struggles ahead, I think it's easy to assume this will not be a hawkish pause,” he added. Against a basket of major currencies, the ringgit traded lower. It fell against the Singapore dollar to 2.9623/9654 from 2.9613/9665 and weakened against the yen to 3.6387/6424 from 3.6128/6183 on Tuesday. The ringgit was lower against the euro at 4.7283/7335 from 4.7118/7189 and easier against the British pound to 5.3428/3484 from 5.3233/3319. -- BERNAMA