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Ringgit opens higher against US dollar

by January 19, 2018 General

Good demand for the ringgit sends it higher at opening of trade. — AFP pic Good demand for the ringgit sends it higher at opening of trade. — AFP pic KUALA LUMPUR, Jan 19 — The ringgit rebounded to open higher against the US dollar today on improved demand, said a dealer.

At 9.12am, the ringgit stood at 3.9410/9450 against the greenback from yesterday’s close 3.9540/9570.

Oanda Corp head of trading for Asia Pacific, Stephen Innes, said the ringgit was not expected to undergo any surprises or significant moves ahead of the weekend, as it has been a pillar of stability this week.

He added that markets were pricing at roughly a 70 per cent interest rate hike probability, which suggested an uptick in volatility early next week ahead of the Monetary Policy Committee meeting on Jan 25, which will be a significant influence over the near-term direction.

“All in all, we should expect the ringgit to remain relatively rangebound today unless there is an unexpected shift in the broader US dollar narrative. The ringgit is trading stronger against the US dollar this week,” said Innes in a note today.

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

It strengthened against the euro to 4.8242/8303 from yesterday’s 4.8290/8339 and rose against the Singapore dollar to 2.9838/9875 from 2.9887/9912.

The ringgit appreciated against the yen to 3.5498/5544 from 3.5522/5553, but eased against the British pound to 5.4752/4824 from 5.4731/4777. — Bernama