Ringgit soars to 3.9850 vs US dollar

The ringgit on January 11, 2018 again breached the psychological level of 4.0 versus the US dollar. — Reuters picThe ringgit on 11, 2018 again breached the psychological level of 4.0 versus the . — Reuters pic, Jan 11 — The ringgit has again breached the psychological level of 4.0 versus the US dollar in a week, thanks to the driven by the encouraging manufacturing data released today, alongside the strong crude oil prices.

At 6pm, the local note finished at 3.9850/9900 against the greenback from 4.0020/0070 on Wednesday.

This is the second time in a week for the ringgit to trade below 4.0 vis-a-vis the US dollar after it closed at 3.9950/9990 on Monday.

A dealer said the November’s Industrial Production Index, which rose five per cent year-on-year to 134.8, showed that the country’s economic growth remained robust and brought a very positive sentiment towards the local note.

“Moreover, with the surging crude oil prices which saw the benchmark crude soared to US$69.37 per barrel today, this had also helped elevate demand for the ringgit, as is a net oil and gas exporter,” he said.

Meanwhile, Oanda Corp Head of Trading for Asia , Stephen Innes, said the market remained more focused on the expectations of an increase in the Overnight Policy Rate by Bank Negara Malaysia this year.

Apart from the US dollar, today’s trading also saw the ringgit ended higher against a basket of major currencies, including the dollar of which the local note had closed below 3.0 for the second consecutive day in a week.

It appreciated against the Singapore dollar to 2.9886/9926 from Wednesday’s close of 2.9975/9024, advanced against the euro at 4.7605/7681 from 4.7776/7844 yesterday and went up against the pound to 5.3738/3821 from 5.4019/4090 yesterday.

It rose against the yen to 3.5695/5749 from 3.5806/5857 on Wednesday. — Bernama

Source: The Malay Mail Online

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