KUALA LUMPUR, Dec 18 — The ringgit opened lower against the US dollar today on weak demand for the local note. At 9 am, the local unit stood at 4.0820/0870 from 4.0780/0810 on Friday’s close.
OANDA Head of Trading Asia-Pacific, Stephen Innes, said despite the weaker number at the opening, the stable oil prices, healthy economic outlook and a more hawkish tilt from the Bank Negara Malaysia should lead the local currency as well as the other Asean currencies to perform well.
“Also, inflows into emerging markets should increase given the dovish US Federal Reserves narrative and a strengthening current account surplus,” he said in a statement
He said although the momentum was waning at year-end, dealers were now targeting the ringgit at RM3.90 against the US dollar in 2018.
Meanwhile, the ringgit performed well against a basket of other currencies.
The local note strengthened against the Singapore dollar to 3.0246/0290 from Friday’s close of 3.0286/0313 and rebounded against the yen to 3.6204/6252 from 3.6359/6389 previously.
The ringgit rose against the euro to 4.7955/8030 from 4.8100/8152 on Friday and traded better against the pound at 5.4389/4472 from 5.4763/4816. — Bernama
Malay Mail via Bernama
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