# RM opens slightly lower against USD

> The ringgit opened slightly lower against the US dollar on concerns over a COVID-19 vaccine and US threats to cut WHO funding. Indian buyers resumed purchases of Malaysian palm oil after a four-month pause, spurred by lower domestic stocks and discounted prices. The ringgit weakened against the yen, euro and sterling.

- Date: 2020-05-20 · published 2020-05-20T12:00:00.000Z
- Category: trade · region India · magnitude medium
- Page: https://feedsoft.ai/events/53399-rm-opens-slightly-lower-against-usd
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Malaysian Ringgit (MYR per USD)](https://feedsoft.ai/c/USDMYR.md)

## Why it matters

Resumed Indian palm oil buying after a four-month gap supports palm oil demand and prices, a bullish signal for vegetable oil feed inputs.

## Read by commodity

- USDMYR: bullish ▲
- PALMOIL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2021-02-23 | [The purchase price of sunflower in Ukraine has again updated the record](https://feedsoft.ai/events/48760-the-purchase-price-of-sunflower-in-ukraine-has-again-updated-the-record.md) | +2.8% | +8.4% |
| PALMOIL | 2021-07-01 | [India’s lower import duty a boon to Malaysia’s palm oil](https://feedsoft.ai/events/45940-india-s-lower-import-duty-a-boon-to-malaysia-s-palm-oil.md) | +1.7% | +9.8% |
| PALMOIL | 2018-04-06 | [Short-Term Palm Boost After China Tariff on US Soybeans: Traders](https://feedsoft.ai/events/65607-short-term-palm-boost-after-china-tariff-on-us-soybeans-traders.md) | -1.4% | -7.1% |
| PALMOIL | 2021-04-14 | [High demand supports the purchase price of sunflower in Ukraine](https://feedsoft.ai/events/47712-high-demand-supports-the-purchase-price-of-sunflower-in-ukraine.md) | +3.9% | +15.3% |
| PALMOIL | 2022-02-25 | [India Turns to US for Soybean Oil as Global Supplies Tighten](https://feedsoft.ai/events/42787-india-turns-to-us-for-soybean-oil-as-global-supplies-tighten.md) | +15.2% | +8.5% |

## Sources

- nst.com.my: https://www.nst.com.my/business/2020/05/594025/rm-opens-slightly-lower-against-usd

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.