COVID–19 NEWS   COVID: 85 pct of Sandakan bid cases had no vaccination | COVID: Sarawak's high death toll Sunday due to backlog in cases - Uggah | COVID: Malaysia’s recoveries continue to surpass new cases - Health DG | Thailand to step up mass testing at Phuket as COVID-19 cases continue to rise | COVID: Four new clusters declared in Sarawak | 

Ringgit opens firmer after historic bipartisan MoU

14/09/2021 10:00 AM

By Niam Seet Wei

KUALA LUMPUR, Sept 14 -- The ringgit rebounded from Monday’s dip to open firmer today after the signing of the Memorandum of Understanding (MoU) on Political Stability and Transformation by Prime Minister Datuk Seri Ismail Sabri Yaakob and heads of the Pakatan Harapan component parties yesterday.

The ringgit’s upbeat performance was also fuelled by the stronger crude oil prices after the Organisation of the Petroleum Exporting Countries (OPEC) forecasted demand for the commodity to be strong following rising fuel consumption and output disruptions in the United States (US).

At 9 am, the local unit was firmer at 4.1450/1500 against the greenback from 4.1490/1515 at Monday’s close.

However, the local note’s performance was capped by expectations of the US’ high August Consumer Price Index (CPI), slated to be released later today.

Many analysts have expressed concerns that the CPI data hike would lead to a quicker tapering of asset purchases by the US Federal Reserve (US Fed).

Citing Goldman Sachs’ statement issued on Monday, ActivTrades trader Dyogenes Rodrigues Diniz said the investment bank saw a 70 per cent chance that the US Fed would announce the tapering process at the Federal Open Market Committee (FOMC) meeting in November.

“Investors have already anticipated the possible tapering process and this has caused the dollar to appreciate against the ringgit. 

“From a technical point of view, the US dollar-ringgit pair could rise as high as 4.2200 in a few days,” he told Bernama.

At the opening, the ringgit was traded mixed against a basket of major currencies.

It strengthened against the Singapore dollar to 3.0875/0915 from 3.0903/0926 at Monday’s close and appreciated against the yen to 3.7668/7714 from 3.7681/7703 yesterday.

The local currency eased to 5.7363/7432 vis-a-vis the pound from 5.7356/7390 previously and slid to 4.8944/9003 against the euro from 4.8921/8950 yesterday.




Bernama is the trusted source of reliable real-time comprehensive and accurate news for both the public and media practitioners. Our news is published at ; BERNAMA TV on: Astro Channel 502, unifi TV Channel 631, MYTV Channel 121 IFLIX; and Bernama Radio broadcasting locally on FM93.9 in Klang Valley, Johor (FM107.5), Kota Kinabalu (FM107.9) and Kuching (FM100.9).

Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter :, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial

© 2021 BERNAMA   • Disclaimer   • Privacy Policy   • Security Policy