Ringgit Ends Stronger Towards the US Greenback Amid Excessive Commodity Costs | Cash

Malaysian ringgit banknotes might be seen among the many US greenback banknotes on this illustrative photograph taken in Singapore on this file photograph from August 24, 2015. – Picture Reuters

KUALA LUMPUR, October 14 – The ringgit continued its bullish development to complete stronger towards the US greenback at present amid excessive commodity costs and a dangerous mode within the fairness market, brokers mentioned.

At 6 p.m., the native be aware strengthened to 4.1525 / 1560 towards the buck of Wednesday’s shut at 4.1590 / 1610.

Financial institution Islam chief economist Dr Mohd Afzanizam Abdul Rashid mentioned the ringgit strengthened towards the US greenback at present when the foreign money pair fell to RM 4.15 earlier than rising to 4.157 RM.

The buck additionally retreated additional towards main currencies following the announcement of upper inflation in the US, alongside the minutes of the US Federal Open Market Committee which instructed that the choice to Quantitative easing may happen in November.

“Other than that, the ringgit has additionally been supported by overseas curiosity within the Malaysian fairness market which has continued to file web buys in latest days. In a nutshell, it’s a mode of threat in the mean time. He advised Bernama.

In the meantime, Hong Leong Analysis, in a be aware, mentioned optimism concerning the financial reopening and up to date crude oil and crude palm oil value hikes continued to offer assist to the native foreign money.

“The additional decline within the US greenback in a single day may additionally strengthen bullish ringgit sentiment, paving the way in which for the subsequent goal of 4.1535, earlier than breaking above 4.1500,” he added.

Nonetheless, the ringgit traded decrease towards a basket of main currencies.

It depreciated towards the British pound to five.6985 / 7033 from 5.6675 / 6702 at Wednesday’s shut and slipped towards the Singapore greenback to three.0807 / 0835 from 3.0739 / 0758 yesterday.

The native score additionally fell towards the euro to 4.8215 / 8255 from 4.8074 / 8097 on Wednesday and fell towards the Japanese yen to three.6638 / 6672 towards 3.6611 / 6632 beforehand. – Bernama

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