KUALA LUMPUR (Oct 14): The ringgit continued its uptrend to complete firmer in opposition to the US greenback on Thursday, amid excessive commodity costs and a threat mode within the fairness market, brokers stated.
At 6 p.m., the native score strengthened to 4.1525 / 1560 in opposition to the buck because the shut of Wednesday, October 13 at 4.1590 / 1610.
Financial institution Islam chief economist Dr Mohd Afzanizam Abdul Rashid stated the ringgit strengthened in opposition to the US greenback on Thursday when the forex pair fell to RM 4.15 earlier than climbing to RM 4.157 .
The buck additionally retreated additional in opposition to the most important currencies following the announcement of upper inflation in america, alongside the minutes of america Federal Open Market Committee which advised that the choice to QE may happen in November.
“Aside from that, the ringgit has additionally been supported by overseas curiosity within the Malaysian fairness market which has continued to file web buys in current days. In a nutshell, it’s a dangerous mode in the mean time. “, did he declare. Bernama.
In the meantime, Hong Leong Analysis, in a be aware, stated optimism in regards to the financial reopening and up to date crude oil and crude palm oil value hikes continued to offer help to the native forex.
“The additional decline within the US greenback in a single day may additionally strengthen bullish ringgit sentiment, paving the best way for the subsequent goal of 4.1535, earlier than breaking above 4.1500,” he added.
Nonetheless, the ringgit traded decrease in opposition to a basket of main currencies.
It depreciated in opposition to the British pound to five.6985 / 7033 from 5.6675 / 6702 at Wednesday’s shut and slipped in opposition to the Singapore greenback to three.0807 / 0835 from 3.0739 / 0758 on Wednesday.
The native score additionally fell in opposition to the euro to 4.8215 / 8255 from 4.8074 / 8097 on Wednesday and fell in opposition to the Japanese yen to three.6638 / 6672 in opposition to 3.6611 / 6632 beforehand.