Ringgit at favourable level

  • Forex
  • Friday, 22 Dec 2017

At 9 am(0100gmt), the local unit was quoted at 4.2200/2230 versus the greenback from Wednesday's 4.2370/2400. - Filepic

KUALA LUMPUR: The ringgit, which opened marginally lower Friday, still remained at the favourable level as investors viewed the local note as one of Asia's most-promising currencies entering 2018, a dealer said.

At 9 am, the local unit stood at 4.0780/0810 from 4.0760/0800 at Thursday's closing.

OANDA Head of Trading Asia-Pacific, Stephen Innes, said the global bond yields, which were held in check overnight and the firmer oil prices, should bode well for the ringgit as the market closed out this subdued trading week for the local note.

“Investors, however, continue to tread lightly in riskier assets. However, given the improving domestic and external landscapes, not to mention a likely interest rate increase from the Bank Negara Malaysia in early 2018, they will further lend support for the ringgit,” he said.

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

It depreciated further against the Singapore dollar to 3.0320/0353 from Thursday's 3.0287/0332, weakened versus the British pound to 5.4551/4600 from 5.4525/4590 Thursday and slipped vis-a-vis the yen to 3.5968/6004 from 3.5912/5957 on Thursday.

The local note, however, was slightly higher against the euro to 4.8300/8344 from 4.8423/8474 on Thursday.- Bernama

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