Ringgit opens lower against US dollar

The ringgit opened lower against the US dollar today on lack of buying demand for the local unit, dealers said.

The local currency fell against the greenback to 3.1805/1835 from
3.1800/1815 on Wednesday.

A dealer said the local currency declined against the US dollar as the US services gauge that topped estimates, stoked speculation the Federal Reserve (Fed) will cut stimulus before year-end.

"The ringgit is pricing in higher risk of the Fed tapering in December," he added.

The domestic currency has so far dipped one per cent this month, the second-biggest loss among Asia's 11 most-traded currencies, after the Indonesian rupiah.

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

The local note declined against the Singapore dollar to 2.5596/5622 from 2.5586/5604 previously, and weakened versus the Euro at 4.2962/3009 from 4.2949/2976.

In contrast to the Japanese yen, the ringgit appreciated to 3.2237/2274 from Wednesday's close of 3.2261/2283, and improved to 5.1098/1159 from 5.1160/1197 against the British pound.