Ringgit opens lower against US dollar

The ringgit opened lower against the US dollar today, reversing yesterday's trend on weaker demand due to renewed concerns over low oil prices.

At 9.28 am, the local unit was quoted at 4.3030/3100 against the greenback from 4.2980/3030 recorded yesterday.

A dealer said traders were worried that the persistently weak oil prices would impact the economy's oil and gas revenue.

Meanwhile, the ringgit traded mostly lower against other major currencies.

It declined against the Singapore dollar to 3.0629/0691 from 3.0602/0657 and weakened against the yen to 3.5556/5629 from 3.5521/5568 yesterday.

The ringgit depreciated against the euro to 4.7105/7186 from 4.6921/6980 but strengthened against the British pound to 6.3775/3904 from 6.4019/4106.