News

Ringgit opens flat against US dollar

THE ringgit opened flat against the US dollar today as the greenback continued to strengthen with the emergence of risk-averse sentiments which saw United States (US) stocks being sold off overnight, an analyst said.

At 9 am, the local note stood at 4.3930/3995 against the US dollar from 4.3930/3990 at Tuesday’s close.

ActivTrades trader Dyogenes Rodrigues Diniz said the strengthening of the US dollar against the ringgit was also due to the inflation data from the Philippines that came in higher than expected at 6.5 per cent against the 6.0 per cent forecast, casting doubt on the macroeconomic scenario of Southeast Asia as a whole.

“Another important element that caused the US dollar to appreciate is that investors are beginning to wonder when the US Federal Reserve (Fed) will change its monetary policy on interest rates.

“The next Fed meeting is on Dec 14, and the market is already starting to move as investors attempt to anticipate the next step by the US central bank,” he told Bernama.

 He noted that the daily chart’s candlestick also showed the ignition of buying force through an engulfing pattern, as the US dollar is trading above yesterday’s high against the ringgit.

“We expect the US dollar to move up to 4.5100 against the ringgit in the coming days, where it should find some resistance,” he added.

Meanwhile, the ringgit was traded higher against a basket of major currencies this morning.

The local note appreciated against the British pound to 5.3283/3362 from 5.3498/3571 at Tuesday’s close and strengthened vis-a-vis the euro to 4.5942/6010 from 4.6096/6159 yesterday.

It had also advanced versus the Singapore dollar to 3.2311/2364 from 3.2363/2412 on Tuesday and rose against the Japanese yen to 3.2031/2083  from 3.2120/2166 previously. — Bernama / pic Bloomberg

Dzul

Recent Posts

PAT2023: After two-year physical lapse, festival returns to Perlis

ARAU – After not being held physically for two years, due to the COVID-19 pandemic,…

1 hour ago

Bursa Malaysia opens easier, takes cue from Wall Street

Market breadth, however, was negative with losers surpassing gainers 263 to 131 BURSA Malaysia opened…

2 hours ago

Ringgit opens lower against US dollar

This is as more investors are shifting towards the safe haven currencies on expectation that…

2 hours ago

Terengganu latest state affected by floods

KUALA LUMPUR – Terengganu is the latest state to be hit by floods resulting in…

2 hours ago

Rushdie releases new novel, six months after knife attack

LONDON – Six months after being stabbed, British author Salman Rushdie on Tuesday publishes his…

3 hours ago

Dell to cut about 6,650 jobs, battered by plunging PC sales

Dell Technologies Inc. is eliminating about 6,650 roles as it faces plummeting demand for personal…

3 hours ago