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.
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.