Ringgit weakens against all major currencies

By Bernama - October 12, 2020 @ 10:28am

KUALA LUMPUR: The ringgit opened lower against the US dollar today in line with most regional peers amidst declining oil prices.

AxiCorp chief global market strategist Stephen Innes, however, said that the local note has been riding the coattails of the strong yuan and broadly-weaker US dollar.

At 9am, the local currency was traded at 4.1380/1430 versus the greenback, compared with 4.1320/1400 at Friday's close.

On the political front, Innes said a meeting between Opposition leader Datuk Seri Anwar Ibrahim and the Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah could go a long way to ensuring that his party has majority parliamentary support to form a government and reduce the political cloud hanging over the ringgit.

Meanwhile, the ringgit also weakened against other major currencies.

It fell against the Singapore dollar to 3.0541/0591 from 3.0474/0542 at last Friday's close, and decreased against the British pound to 5.3910/3979 from 5.3456/3576.

The local currency declined against the euro to 4.8890/8962 from 4.8741/8840, and depreciated versus the yen to 3.9193/9248 from 3.9014/9101. - Bernama