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Ringgit lower against US dollar in early trade

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by January 16, 2018 General

The ringgit takes a pause in its recent rally against the US dollar after reaching an 18-month high. — Reuters pic The ringgit takes a pause in its recent rally against the US dollar after reaching an 18-month high. — Reuters pic KUALA LUMPUR, Jan 16 — The ringgit took a breather against the US dollar this morning, after reaching an 18-month high yesterday.

At 9.09am, the ringgit was lower at 3.9620/9650 against the greenback from yesteray’s close of 3.9540/9580.

Oanda Corp Head of Trading for Asia Pacific, Stephen Innes, said most emerging Asian currencies had marked gains versus the greenback, although the market could see some moved paired back ahead of China’s data dump tomorrow.

“Given that the bullish fundamentals (of the ringgit) are fairly well entrenched, I suspect moves will be driven more by technical signals as we approach the crucial Bank Negara Malaysia rate decision later this month,” he said in a research note today.

Meanwhile, the ringgit traded mixed against a basket of major currencies.

It was almost flat against the Singapore dollar at 2.9931/9961 from Monday’s 2.9932/9971, but higher against the Japanese yen at 3.5739/5776 from 3.5760/5806.

The ringgit depreciated against the British pound to 5.4640/4685 from 5.4526/4597 and eased against the euro to 4.8546/8591 from 4.8468/8533. — Bernama

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