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MARKET

Ringgit strenghtens further against US dollar

12/10/2021 06:31 PM

By Sharifah Pirdaus Syed Ali

KUALA LUMPUR, Oct 12 -- The ringgit strengthened further against the US dollar at the close today for the fourth consecutive day on optimism surrounding the market, dealers said.

At 6 pm, the local note rose to 4.1630/1660 versus the greenback from last Monday's closing of 4.1685/1720. 

ActivTrades trader Dyogenes Rodrigues Diniz said the US dollar lost steam against the ringgit on Tuesday, bucking the US currency’s trend which has gained ground against most other counterparts. 

“This makes the ringgit one of the best performers of the day. In Malaysia, the market welcomed the details of the 12th Malaysian Plan, which sought, among other things, sustainable growth,” he told Bernama.

He said all eyes will be on the US Consumer Price Index (CPI) data to be released tomorrow as this set of data might influence the Federal Reserve’s next monetary policy steps.

Meanwhile, he said the Federal Open Market Committee’s (FOMC) meeting minutes on Thursday might provide stronger direction to the US dollar as more details on tapering are likely to emerge.

Hong Leong Research, in a note, said the ringgit was the top Asian performer as most Asian currencies slumped amid the greenback’s resurgence.

“The reopening of interstate borders within Malaysia alongside the rallies in crude oil and crude palm oil (CPO) prices are expected to bide well for the local currency in the short term.

“Nonetheless, the FOMC minutes and US CPI readings are likely to be some swing factors to watch in the forex market.

At the close, the ringgit was traded mostly higher against a basket of major currencies.

It appreciated against the British pound to 5.6621/6662 from Monday’s close of 5.6779/6827 and rose versus the Japanese yen to 3.6750/6779 from 3.6902/6933 previously.

The local note also gained vis-a-vis the euro to 4.8116/8151 from 4.8180/8220 on Monday and advanced against the Singapore dollar to 3.0703/0727 compared with 3.0775/0803 yesterday.

-- BERNAMA


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