Ringgit Holds Steady

KUALA LUMPUR: The ringgit closed marginally lower against the US dollar today on lack of demand despite firm crude oil prices, a dealer said.

At 6pm, the local unit was quoted at 4.0850/0880 against the US dollar from 4.0770/0800 on Tuesday.

Global benchmark Brent crude today rose 1.29% to US$64.16 per barrel compared with US$65.31 per barrel at close yesterday.

OANDA Head of Trading Asia-Pacific Stephen Innes said the ringgit did not benefit from rising oil prices as local traders factored the risk premium as a short-term factor.

“Expect the ringgit to trade with a neutral bias today, given that international investors are gearing down for the holiday season.

“However, with energy prices holding up well and given the lack of positioning in the ringgit, it may be less vulnerable to any Federal Open Market Committee surprises than regional peers,” he told Bernama.

Against a basket of major currencies, the ringgit was traded higher except against the Singapore dollar.

The ringgit appreciated against the euro to 4.7991/8038 from 4.8035/8083, traded higher against the pound at 5.4518/4579 from 5.4391/4456 and rose against the yen to 3.6017/6053 from 3.5933/5963 previously.

However, the local note weakened against the Singapore dollar to 3.0190/0219 from 3.0171/0207. — Bernama

The Sun Daily

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