Ringgit on strong footing vs US dollar in early session

Despite that, the local currency is traded mostly lower against a basket of major currencies

THE ringgit continued to remain higher against the US dollar this morning, following the release of the US Pending Home Sales data which remained in the negative territory despite a better-than-expected reading, a dealer said.

At 9.22am, the local currency was pegged at 4.4830/4860 against the greenback from yesterday’s close of 4.4840/4870.

ActivTrades trader Dyogenes Rodrigues Diniz said the readings for the US Pending Home Sales indicator have remained below zero since November 2021, signalling a slowdown in the US real estate sector.

“From the technical viewpoint, this could be a signal to a possible retracement as the US dollar/ringgit is in an all-time high region. A break below 4.4730 could make room for a drop to 4.4570 first and then 4.4050,” he said in a note today. 

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

The local note depreciated against the euro to 4.4763/4793 from 4.4593/4623 from yesterday’s close, slipped against the Singapore dollar to 3.2212/2239 from 3.2169/2195 yesterday and eased against the British pound to 5.2958/2993 from 5.2916/2951 previously.

However, it had appreciated vis-a-vis the Japanese yen to 3.2761/2785 from 3.2847/2872 yesterday. — Bernama / pic TMR FILE