Ringgit Rally Extends

KUALA LUMPUR: The ringgit extended its gains against the greenback for the fourth consecutive day on continued buying support for the local currency, dealers said.

At 6pm, the local note was quoted at 4.3390/3430 against the US dollar from Thursday’s close of 4.3450/3480.

OANDA Senior Trader Stephen Innes said there has been a shift in sentiment for the ringgit after Bank Negara Malaysia (BNM)’s timely move to increase liberalisation in the foreign exchange markets.

“After last month’s massive Malaysian Government Securities outflow, BNM has made tremendous efforts to reassure foreign investors that Malaysia is indeed open for business, and is actively moving to greater liberalisation of onshore markets.

“It seems to have worked, as outflows have dropped to a trickle, while the local currency has shown signs of appreciating,” said Innes.

At the close, the ringgit was traded mixed against most major currencies. It rose against the Singapore dollar to 3.1088/1121 from 3.1120/1146, and was higher against the Japanese yen at 3.8911/8958 from 3.9046/9083 on Thursday.

The local not weakened, however, against the British pound to 5.6129/6198 from 5.6051/6107, and fell against the euro to 4.7456/7508 from 4.7334/7385 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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