What’s Down for the Ringgit Today

KUALA LUMPUR: The ringgit extended yesterday’s loss to open slightly lower today dampened by a stronger US dollar following growing expectations of US Federal Reserve increasing interest rate, dealers said.

At 9.08 am, the local unit was traded at 4.4480/4530 versus the greenback from 4.4470/4510 on Thursday.

Senior trader at OANDA, Stephen Innes, said investors needed to be cognisant that any higher expectation would give the US dollar a boost and weigh on regional markets in the near term.

The loss in the ringgit was, however, cushioned by the better oil prices which were 0.13 per cent higher at US$55.15 a barrel and Bank Negara Malaysia’s decision to maintain the overnight policy rate at three per cent.

The central bank said economic activity in advanced and emerging economies continued to improve with global trade showing a recovery.

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

The local note rose against the Singapore dollar to 3.1488/1528 from 3.1510/1547 on Thursday and versus the yen, increased to 3.8932/8990 from 3.8934/8979 yesterday. The ringgit advanced against the euro to 4.6766/6828 from 4.6796/6842 yesterday.

It, however, eased against the British pound to 5.4581/4647 from 5.4542/4600 yesterday. – Bernama

THE STAR Kuala Lumpur

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Stephen Innes

Stephen Innes

Senior Currency Trader and Analyst at OANDA
Stephen has over 25 years of experience in the financial markets and specializes in Asian currencies at OANDA. After having started his trading career with NatWest Bank, he is currently based in Singapore as a Senior Currency Trader and Analyst with OANDA, focusing on the movement of the Aussie Dollar and ASEAN Currencies. Stephen has an extensive trading experience in Interest Rate Futures, Money Markets and Precious Metals. Prior to joining OANDA, he worked with organizations like Cambridge Mercantile, Nat West, Garvin Guy Butler, Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes
Stephen Innes

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