KUALA LUMPUR: The ringgit opened lower against the US dollar today despite a broad overnight greenback retracement with the focus back on sliding crude oil prices and the Organisation of Petroleum Exporting Countries meeting this Thursday.
Bank Islam chief economist Mohd Afzanizam Abdul Rashid said mixed feelings over possible cuts in oil production, declining Covid-19 fatalities in certain major economies and the overnight drop in major equity indices on Wall Street may see forex markets stay guarded. “In that sense, ringgit is expected to stay weak against the US dollar between RM4.35 and RM4.37 as investors would stay guarded, preferring safe-haven currencies.”
On another note, the outlook remains slightly positive because of the government’s stimulus efforts and signs that the Covid-19 crisis is abating in some hot spots around the world, he said.
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