Ringgit Nudges Higher vs USD

KUALA LUMPUR, April  27 — The ringgit continued its uptrend versus the US dollar on improved demand for the local note, dealers said.

At 6 pm, the local note was quoted at 4.3450/3480 against the greenback from Wednesday’s close of 4.3460/3490.

OANDA Senior Trader Stephen Innes said although the ringgit’s performance would likely depend on  global crude oil prices, fund outflow from the country had subsided following Bank Negara Malaysia’s proposed liberalisation of onshore markets.

“I suspect the market will re-engage the ringgit because domestic capital markets are much undervalued compared with its ASEAN counterparts,” he said.

At the close, the local note was also mixed against most major currencies.

It rose against the Singapore dollar to 3.1120/1146 from  3.1163/1196 and traded marginally lower against the Japanese yen at 3.9046/9083 from 3.9044/9078 on Wednesday.

 

 

The ringgit weakened against the British pound to 5.6051/6107 from 5.5746/5802 but increased against the euro to 4.7334/7385 from 4.7371/7413, yesterday. — Bernama

BERNAMA

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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