Multi management and future solutions : The ringgit erased yesterday's gains to open lower, in early trade,
against the US dollar, weighed down by soft market sentiment.
At
9 am, the local unit was quoted at 4.2880/2920 against the greenback from
Wednesday's close of 4.2790/2830.
A
dealer said despite news that Malaysia's labour productivity grew 3.5 per cent
in 2016, the local unit was pressured by global economic updates which included
a combination of political and economic factors coupled with lower crude oil
prices. Meanwhile, against a basket of major currencies, the ringgit was traded
lower except against the British pound.
It
fell against the Singapore dollar to 3.0967/0998 from 3.0922/0971 yesterday and
declined to 3.8638/8684 from 3.8619/8662 against the yen.
The
local unit depreciated against the euro to 4.8171/8221 from 4.7873/7935 on
Wednesday but rose against the British pound to 5.5204/5264 from 5.4853/4921
yesterday.
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