Ringgit Opens Lower Against US Dollar

KUALA LUMPUR, Nov 17 (Bernama) -- The ringgit opened lower against the US dollar Thursday, as investors proved extremely cautious ahead of the US Federal Reserve (Fed) Chair Janet Yellen's speech later Thursday, dealers said. At 9.06 am, the local unit's onshore trading was at 4.3570/3670 against the greenback from 4.3450/3550 on Wednesday. The dealer said Yellen is expected to address the economic outlook before the US Congress Joint Economic Committee later Thursday. Earlier this month, the Fed kept interest rates unchanged at 0.25 per cent to 0.5 per cent, but signalled there may be an increase as the economy registered growth. On the homefront, Bank Negara Malaysia (BNM) Assistant Governor Adnan Zaylani said the central bank is consistently taking measures to stem volatility in the foreign exchange market. Meanwhile, the ringgit traded lower against other major currencies. It declined against the Singapore dollar to 3.0800/0875 from 3.0668/0745 on Wednesday and fell against the British pound to 5.4166/4321 from 5.4117/4259. The ringgit depreciated against the yen to 4.0116/0227 from 3.9673/9768 and eased against the euro to 4.6650/6775 from 4.6552/6668. -- BERNAMA