Ringgit Rally

KUALA LUMPUR: The ringgit extended Tuesday’s gains to open higher against the US dollar this morning as investors continued to buy local bonds and undervalued equities, said a dealer.

At 9 am, the local unit stood at 4.2780/2840 against the greenback compared with yesterday’s close of 4.2840/2860.

OANDA Senior Trader Stephen Innes said fund inflows resumed in Asia particularly in emerging markets following the announcement of vulnerable Consumer Price Index data in the United States which prompted a sell-off in the greenback.

Besides, China’s firm second-quarter economic growth data, which posted a 6.9 % growth on the back of industrial output pick-up, was supportive of regional risk, as the renminbi’s stability and strength was somewhat helping local risk sentiment.

The ringgit traded mostly higher against other currencies.

It appreciated against the Singapore dollar to 3.1309/1371 from 3.1359/1385 on Tuesday but eased against the Japanese yen to 3.8193/8257 from 3.8175/8203 yesterday.

Meanwhile, the local note improved against the pound to 5.5725/5829 from 5.5885/5915 and rose against the euro to 4.9385/9459 from 4.9480/9520.

Bernama KL

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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