The Ringgit Trades Mixed

KUALA LUMPUR: The ringgit closed lower against the US dollar today on lack of demand for the local note, a dealer said.

At 6pm, the local unit stood at 4.2825/2865 against the greenback compared with Tuesday’s close of 4.2800/2840.

The dealer said investors favoured the US dollar, causing it to rise from a 13-month low as they trimmed some short bets ahead of the Federal Reserve policy decision meeting, which will end on Wednesday.

However, Oanda Senior Trader, Stephen Innes told Bernama that overall the local note was positioned favourably.

“The macro landscape looks appealing, and currency stability via Bank Negara Malaysia’s (BNM) policies is working.

“While some concerns go on about domestic liquidity, but so far as BNM moves to more liberalised currency policy, investors are cheering,” he said.

The ringgit was mostly higher against other major currencies.

It rose against the yen to 3.8281/8320 from 3.8399/8446 on Tuesday and strengthened versus the Singapore dollar to 3.1401/1442 from 3.1431/1472.

Vis-a-vis the euro, it improved to 4.9814/9865 from 4.9879/9934 but declined to 5.5745/5806 from 5.5696/5761 when compared with the British pound. — 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

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