Geopolitical tensions weigh on ringgit in early trading

Escalating tension in Middle East halts buying sentiment for local note. FMTNews Ringgit

KUALA LUMPUR: The ringgit opened lower against the US dollar in early session today on weaker demand as traders shifted towards safe-haven US dollar due to escalating geopolitical tension in the Middle East.

As at 9.06am, the ringgit was at 4.1100/1140 against the US dollar from 4.0910/0950 at yesterday’s close. A dealer said the escalating tensions in the Middle East has hampered buying sentiment for the local note, following rocket attacks on US military bases in Iraq. “Traders are worried that the tension will persist and have a negative effect on investors’ risk appetite moving forward,” he added.It fell against the Singapore dollar to 3.0413/0454 from 3.0331/0369 and declined against the Japanese yen to 3.8087/8135 from 3.7715/7759.

The local note depreciated against the British pound to 5.3894/3955 from 5.3887/3956 and was lower against the euro to 4.5868/5916 from 4.5750/5811.

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