Ringgit very Stable

KUALAU LUMPUR, Dec 20 — The ringgit opened lower today after closing flat in the last two days on external factors, mainly from the US, which curbed demand for the local note.

At 9am, the local unit stood at 4.0800/0850 from 4.0790/0830 at yesterday’s closing.

However, at 9.09 am, it rebounded to 4.0770/0800 against the dollar.

OANDA Head of Trading Asia-Pacific, Stephen Innes, said the ringgit was driven overnight by the broader dollar momentum on the back of fast short-term money.

“Given that the dollar is trading with some positive energy from both tax reform and higher US yields, investors will be reluctant to buy the local note until all the dust settles.

“But the ringgit remains very comfortable at current range and the stability alone is real positive in my view,” he said in a statement.

The ringgit traded mostly lower against a basket of other currencies.

The local note eased further against the Singapore dollar to 3.0290/0331 from Tuesday’s 3.0282/0323, but rebounded against the yen at 3.6122/6176 from 3.6219/6258 yesterday.

The ringgit depreciated against the euro to 4.8315/8391 from 4.8149/8212 and traded easier against the British pound at 5.4648/4719 from 5.4532/4602 yesterday. — 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