KUALA LUMPUR: The ringgit opened lower against the US dollar on Wednesday on weak demand for the local currency, dealers said.

At 9am, the ringgit was traded at 4.1630/1700 from 4.1520/1620 against the greenback last Friday.

A dealer said the local note’s position was also in line with the US dollar which opened at a 3 1/2-month low today, influenced by the global economic slowdown as global oil prices slid again.

“With the greenback trading at this level following the fall in global crude oil prices, the US Federal Reserve might hold back its decision to raise interest rates in the near future,” he added.

Against other major currencies, the ringgit was traded mostly lower.

It fell against the Singapore dollar to 2.9819/9895 from 2.9672/9754 today and weakened versus the yen to 3.6326/6403 from 3.5514/5612.

The ringgit, however, rose against the British pound to 6.0197/0319 from 6.0312/0478, but depreciated against the euro to 4.6996/7092 from 4.6469/6598 previously.

The money market was closed on Monday and Tuesday for the Chinese Lunar New Year. – Bernama