Ringgit marginally lower in quiet trade

KUALA LUMPUR, July 28 — The ringgit opened marginally lower against the US dollar today on subdued demand ahead of the United States (US) second quarter gross domestic product results which will be released later today.

At 9am, the local unit stood at 4.2780/2820 against the greenback compared with yesterday’s close of 4.2760/2790.

“However, the prospects of a flatter US rate increase trajectory and oil prices surging to an eight-week highs are underpinning demand for the ringgit, as demand for the underweighted regional high yield carries on.

“Markets could be relatively quiet today ahead of tonight’s key US GDP data, so we are not expecting too much movement in the local basket today,” OANDA Senior Trader Stephen Innes told Bernama.

The benchmark Brent crude was trading around US$51.51 per barrel.

Innes also said strengthening commodity prices and strong equity markets, supported by robust corporate earnings, are  also providing a solid footing for emerging markets.

Against other currencies, the local note was traded mixed.

It fell against the Singapore dollar to 3.1481/1534 from 3.1471/1514 yesterday and depreciated versus the yen to 3.8551/8597 from 3.8377/8418 yesterday.

However, the ringgit improved against the euro to 4.9954/5.0018 from 5.0106/0154 yesterday and rose to 5.5931/5991 from 5.6187/6239 yesterday when compared with the British pound. — Bernama

Bernama

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Stephen Innes

Stephen Innes

Head of Trading APAC at OANDA
Stephen has over 25 years of experience in the financial markets and currently based in Singapore as the Head of Trading Asia Pacific with OANDA. Stephen's market views focus on the movement of G-10 and ASEAN Currencies. Stephen has an extensive trading experience in Spot and Forward FX, Currency and Interest Rate Futures, Money Market Derivatives and Precious Metals. Before joining OANDA, he worked with organisations like Nat West, Chemical Bank, Garvin Guy Butler, and 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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