Ringgit opens lower against US dollar

Ringgit opens lower against US dollar
Business & Markets 2013
Written by Bernama
Thursday, 25 July 2013 09:41

KUALA LUMPUR, (July 25): The ringgit opened lower today against the US dollar, in tandem with most emerging Asian currencies, due to the lack of buying demand, dealers said.

At 9 am today, the local unit was quoted at 3.2000/2030 to the US dollar compared to 3.1880/1910 at Wednesday's close.

"The lack of demand for most emerging Asian currencies, including the ringgit, was due to renewed concerns over China's slowing economy," a dealer said.

He said that the manufacturing activity in the world's second largest economy is estimated to slow down in July to an 11-month low due to fluctuating new orders and a bleak job market.

Meanwhile, the ringgit was also lower against other major currencies.

Against the Singapore dollar, it depreciated to 2.5207/5232 from 2.5162/5193 at yesterday's close, and declined against the yen to 3.1901/1934 from 3.1826/1862 previously.

The local unit was also slightly lower against the British pound to 4.8989/9048 from 4.8977/8036 and slid against the Euro to 4.2224/2267 from 4.2190/2239.