Ringgit opens lower against US dollar

The ringgit opened lower in early trading Monday due to lack of buying interest for the local unit amid strengthening of the US dollar, dealers said.

At 9.07 am, the local unit was quoted at 2.9980/3.0010 to a greenback against Friday's close at 2.9900/9930.

A dealer said the safe haven currency received a boost as talk emerged that the Federal Reserve was preparing plans to wind down its loose monetary policies, resulting in confidence in the recovery of the world's largest economy.

However, another dealer said the bullish performance of the local bourse would push demand for the ringgit later.

Meanwhile, the ringgit was traded mixed against other major currencies.

The local currency rose against the yen to 2.9404/9439 from Friday's 2.9478/9523 and strengthened against the British pound to 4.6001/6056 from 4.6061/6116 last week.

The ringgit, however, depreciated against the Singapore dollar to 2.4177/4215 from 2.4146/4172 on Friday and was marginally low against the euro at 3.8866/8908 from 3.8864/8906 last week.