Ringgit remains firm

KUALA LUMPUR: The ringgit opened higher against the US dollar this morning on buying interest, as the greenback remains weak on lingering uncertainties over the upcoming US Federal Open Market Committee (FOMC) meeting this month.

At 9am, the local unit was quoted at 4.1870/1900 against the US dollar, from 4.1880/1910 last Friday.

Oanda Head of Trading Asia-Pacific, Stephen Innes, said the ringgit is well positioned, backed by a positive domestic macro-environment, and supported by global growth.

He said even if the FOMC were to push for a December interest rate increase, negative sentiment would not weigh heavily on the ringgit.

Innes added that higher global oil prices are also supporting sentiment for the ringgit.

Against other major currencies, the ringgit was traded mostly higher.

The local note rose against the Singapore dollar to 3.1100/1134 from 3.1128/1614 last Friday, and appreciated vis-a-vis the pound to 5.6851/6909 from 5.6873/6926 previously. It improved marginally versus the yen to 3.7639/7680 from 3.7648/7685, but fell against the euro to 5.0005/0058 from 4.9988/9041 last Friday. — BERNAMA

New Straits Times vs 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