Ringgit opens lower against US Dollar due to lack of buying interest

The ringgit opened lower against the US dollar in early trading Wednesday due to lack of buying support for the domestic currency, dealers said.

At 9.04 am, the ringgit was quoted at 3.0605/0635 vis-a-vis 3.0520/0540 at 5 pm yesterday.

A dealer said investors took long position for the greenback as their "safe haven" asset after the US reported weaker-than-expected corporate earnings data.

"The US' weak economic data and Moody's downgraded regional governments in Spain recently have hampered investors' appetite to secure more riskier assets, including emerging currencies," he added.

The ringgit was traded lower against the Singapore dollar at 2.4994/5039 from 2.4969/4006 Tuesday and eased against the yen to 3.8314/8366 from 3.8255/8290 yesterday.

However, the local note appreciated against the British pound to 4.8809/8866 from 4.8863/8904 Tuesday and rose against the euro to 3.9731/9773 from 3.9768/9803 yesterday.