Ringgit continues to press higher

By Bernama 

KUALA LUMPUR: The ringgit opened higher against the US dollar today with the surging bond and equity inflows acting as the primary catalysts which accelerated the demand for the local note, a dealer said.

At 9 am, the local unit was traded 130 basis points higher at 4.0970/1000 against the greenback from Wednesday’s close of 4.1100/1130.

OANDA Head of Trading Asia-Pacific, Stephen Innes, told Bernama the ringgit was also supported by the bounce in macro economics environment amid a weaker US dollar which would continue to aid the local note in the short term.

Innes said the subdued greenback was apparent after the release of Federal Open Market Committee minutes yesterday.

“Adding to the positive ringgit narrative, was also the crude oil prices, as the Organisation of the Petroleum Exporting Countries meeting on Nov 30, 2017 in Vienna, has prompted gains in the midst of an oil leak in the Keystone pipeline as well as a decline in US crude inventories, as indicated by the US Energy Information Administration report,” he said.

The benchmark Brent crude was trading at US$62.87 (US$1 = RM4.09) per barrel at today’s opening.

Meanwhile, on foreign exchange, the ringgit was traded lower against a basket of major currencies.

The ringgit depreciated against the Singapore dollar to 3.0416/0447 from 3.0393/0417 on Wednesday and decreased against the yen to 3.6863/6900 from 3.6667/6697 yesterday.

The local unit declined versus the euro to 4.8410/8450 from 4.8317/8357 yesterday and eased against the British pound to 5.4564/4620 from Wednesday’s 5.4453/4505. — Bernama

 

New Straits Times

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

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. His views appear in Bloomberg, CNBC.Reuters, New York Times WSJ and the Economist. His media appearances include Bloomberg TV & Radio, BBC International, Sky TV, Channel News Asia, ASTRO AWANI and BFM Malaysia. 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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