Malaysian Ringgit makes late session gains.


Kuala Lumpur
– The ringgit ended higher against the US dollar today on firmer buying interest in line with the uptrend of its regional peers, dealers said.

At 6 pm, the local unit stood at 4.2560/2600 against the greenback from Tuesday’s close of  4.2610/2640.

Senior Trader at Oanda, Stephen Innes, said the foreign exchange market was relatively quiet today ahead of the Federal Open Market Committee’s (FOMC) meeting later today, to be followed by a press conference by the US Federal Reserve Chair, Janet Yellen.

However, Innes said, the market tone towards the ringgit remained positive and could be directly attributed to Bank Negara Malaysia’s (BNM) measures to liberalise both bond and currency hedging rules.

“These actions reassured foreign bond holders that BNM is committed to providing liquidity for capital markets.

“While inflows still lag behind regional peers, local markets are gradually catching up with investors positioning for further ringgit strength,” Innes told Bernama.

The ringgit was traded mixed against a basket of major currencies.

It fell against the Singapore dollar to 3.0850/0890 from 3.0837/0867 and against the British pound it declined to 5.4230/4285 against the British pound from 5.4153/4200 on Tuesday.

The ringgit appreciated versus the yen to 3.8614/8653 from 3.8701/8739 yesterday and rose against the euro to 4.7688/4746 from 4.7749/4799. — Bernama
Kuala Lumpur Post

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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