Ringgit lowers against U.S. Dollar in early trade
Monday, 24 March 2008
KUALA LUMPUR, March 24 (Bernama) — The ringgit was lower against the U.S dollar in early trade today as the fall in crude palm oil prices weighed down on the local currency, dealers said. Investors were also cautious over rising concerns with prospects of a global credit market turmoil as the U.S. economy looks headed for an impending slowdown due to deepening housing woes.
The ringgit was lower at 9.10 am against the greenback at 3.1930/1960 from 3.1800/1830.
Against Asian currencies, the ringgit weakened, opening lower against the Singapore dollar at 2.2981/3011 from last Friday’s closing of 2.2926/2967 and easier against the yen at 3.1962/2008 from 3.1899/1945.
As for the European currencies, the ringgit was easier, declining against the euro at 4.9175/9228 from 4.9162/9252 and lower against the British pound at 6.3167/3242 from 6.3098/3170.
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