Ringgit opens lower against US dollar

The ringgit opened lower against the US dollar today, weighed on by lower oil and commodity prices.

At 9.03 am, the local note was traded at 4.0050/0120 to the US dollar from 3.9860/9950 on Wednesday.

Talk of the United States having the biggest crude oil inventory, along with the slow growth of the Eurozone, alongside China's weak manufacturing data have raised some concerns among investors.

The local note also weakened against other currencies.

It was lower against the Singapore dollar at 2.9472/9533 from Wednesday's 2.9408/9486 and depreciated against the yen to 3.7357/7439 from 3.7312/7399 previously.

It eased against the euro to 4.5993/6090 from 4.5791/5903 on Wednesday and declined against the British pound to 5.8077/8186 from 5.7721/7872.

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12% of Malaysia ie; 7 million Malaysians, primarily from rural areas are unbanked - meaning they cannot access any financial services.

This is a dire need in Malaysia due to the country’s fast growth rate in mobile banking and e-money transactions, which quadrupled to RM800 billion in 2021.

Moreover, the existence of financial inclusion gaps among underserved communities such as women, gig workers, and lower-income earners requires significant attention.

Niaga Spotlight speaks with Nisa Ismail, CEO, Sedania As Salam Capital Sdn Bhd (SASC) about the latest in Financial Inclusion via FinTech to help close socioeconomic gaps, especially in rural areas.

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