Equity investors and sent the market into a risk-off mentality shown some signs of benefiting from stabilising oil prices.

Malaysia: The ringgit opened lower against the US dollar today amidst contradictory signals abounding and with markets positioning for a trade war to escalate, lower oil prices as well as domestic headwinds starting to blow, a dealer said.

At 9 am, the local note was quoted at 3.8660/8705 compared with yesterday's 3.8600/8640.

OANDA Head of Trading Asia-Pacific, Stephen Innes said the mentioned factors would pressure the ringgit, making it hard pressed to pick up momentum today.

“While an outright trade war is not the market base case scenario, the fear of an escalation has spooked equity investors and sent the market into a risk-off mentality. The key US jobs report to be revealed this week, will weigh further on the local note,” he said.

A dealer said the local unit had shown some signs of benefiting from stabilising oil prices.

The price of benchmark Brent crude oil now stands at US$67.88 per barrel from yesterday's US$69.95 a barrel.

The ringgit, meanwhile, fell against the yen to 3.6537/6583 from 3.6312/6357 on Monday and slid against the Singapore dollar to 2.9462/9505 from 2.9461/9505, but appreciated against the euro to 4.7556/7627 from 4.7598/7651.

Vis-a-vis the pound, the ringgit was lower at 5.4325/4408 from 5.4291/4351.

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