Ringgit Slides

KUALA LUMPUR, Sept 28 — The ringgit closed lower against the US dollar today on firmer buying interest in the greenback, dealers said.

At 6pm, the local unit was quoted at 4.2300/2330 against the US dollar from 4.2200/2230 yesterday.

Oanda Head of Trading Asia-Pacific, Stephen Innes, said the US dollar continued to strengthen on the back of high US bond yields and positive sentiment surrounding it on the foreign exchange market.

“Speculators have been continuously buying the US dollar throughout Asia’s trading session today, but the ringgit fared better than its regional peers.

“With the overall macro conditions still looking rosy, I would expect longer-term investors to continue supporting the ringgit over the medium-term,” he told Bernama.

in addition, the higher benchmark Brent crude, which traded around US$58 (RM245) per barrel, also supported the ringgit.

However, Innes said the ringgit may face further weakness, should there be an additional US Federal Reserve repricing on interest rates and US Treasury yields grow further.

The ringgit also traded lower against other major currencies.

It fell against the Singapore dollar to 3.1076/1109 from yesterday’s 3.1059/1093 and slid against the British pound to 5.6564/6621 from 5.6518/6576.

It eased against the euro at 4.9770/9818 from 4.9577/9616 yesterday and depreciated against the yen at 3.7513/7550 from 3.7649/7686. — Bernama
The Malay Mail via 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