Ringgit opens lower against US dollar

The ringgit opened lower against the US dollar in early trading Monday due to mild buying support for the local currency, dealers said.

As at 9 am, the ringgit was quoted at 3.0520/0550 from 3.0490/0520 on Friday.

A dealer said the ringgit still extended last's week downtrend, as investors continued to sell off the local note, taking profit from recent gains.

"However, some investors were interested to buy the local note on dips, hence mitigating its losses," he added.

The local currency was traded marginally lower against the Singapore dollar at 2.4982/5027 from 2.4980/5025 Friday and was easier against the yen at 3.8467/8525 from 3.8430/8472 last week.

The ringgit however appreciated against the British pound to 4.8859/8926 from 4.8927/8985 Friday and was slightly better against the euro at 3.9792/9843 from 3.9796/9844 last week.