Ringgit continues downtrend to open lower against greenback

The ringgit continued its downtrend to open lower against the US dollar as weaker global crude oil price dampened demand for the local note.

At 9 am, the local note was traded at 4.4290/4330 against the greenback from Wednesday's close of 4.4250/4300.

A dealer said oil prices fell to an almost four-month low yesterday as industry data indicated US crude inventories rose faster-than-expected, piling pressure on the Organisation for Petroleum Exporting Countries to extend output cuts beyond June.

The market is void of market catalyst as uncertainties over the French presidential election and European Central Bank policy meeting next month dented market sentiment.

The ringgit, meanwhile, was traded lower, except against the Singapore dollar and yen.

It rose against the Singapore dollar to 3.1586/1626 from 3.1596/1643 on Wednesday but fell against the British pound to 5.5269/5337 from 5.5140/5216 yesterday.

It eased against the euro to 4.7833/7881 from Wednesday's close of 4.7719/7791 but edged up against the yen to 3.9669/9708 from 3.9740/9795 on Wednesday. -- Bernama