Ringgit opens lower amid cautious sentiment

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Ringgit opens lower amid cautious sentiment
RinggitUS DollarMohd Afzanizam Abdul Rashid
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For Malaysian actor Zheng Xi Yong, leading the West End anime-based musical 'Your Lie In April' in London showcased his diverse range of theatre skills

KUALA LUMPUR: The ringgit opened lower against the greenback as traders adopted a cautious stance and adjusted their positions due to anticipated pre-announcement volatility ahead of Malaysia’s second quarter 2024 gross domestic product data today.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said consensus estimates are that Malaysia’s GDP growth is expected to come in at 5.8 per cent. He said that, consequently, the ringgit could range between RM4.43 and RM4.45 against the US dollar today. "US retail sales grew 1.0 per cent month-on-month in July, against consensus estimates of a 0.2 per cent decline, while initial jobless claims fell to 227,000 last week from 234,000.

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