Ringgit post gains to open Q2

KUALA LUMPUR, April 2 (Bernama) – The ringgit strengthened further against the US dollar today on renewed buying interest for the local unit, said a dealer.

At 9.07 am, the local note stood at 3.8520/8560 against the US dollar from Friday’s close of 3.8620/8650.

OANDA Head of Trading Asia-Pacific, Stephen Innes said the local unit remained buoyant on the back of stable local bond markets.

“But with Malaysian elections the next local headwind, we could see a slow down in offshore flows which are most typical ahead of any regional elections.But, markets are expected to remain stable within current ranges. he said in a research note today.

“As oil prices trade firm and with regional sentiment improving, the ringgit should continue to benefit from both strong domestic and external factors,” he said in a research note today.

The ringgit also traded higher against a basket of major currencies.

New Straits Times

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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