The ringgit opened slightly lower today on reduced demand for the local note amid weaker oil prices, a dealer said.

At 9am, the ringgit was traded at 4.1770/1810 versus the greenback from Tuesday’s close 4.1750/1800.

The dealer said oil prices continued dropping on concerns over future demand amid weakening global economic growth.

“Doubts over the impact of planned production cuts led by the Organisation of the Petroleum Exporting Countries (Opec) are also pressuring prices,” he added.

At 9.25 am, the benchmark Brent crude price was at US$56.26 per barrel.

The ringgit also traded lower against a basket of major currencies.

It fell against the Singapore dollar to 3.0485/0525 from 3.0439/0486 on Tuesday and slipped versus the Japanese yen to 3.7145/7191 from 3.7141/7192.

The local note declined against the euro to 4.7543/7597 from 4.7491/7564 and fell against the British pound to 5.2889/2944 from 5.2810/2890.

- Bernama