Bank Negara Malaysia's international reserves rose by US$600mil to US$103.3bil as at July 15, 2019 from two weeks prior.
KUALA LUMPUR: The ringgit traded marginally lower against the US dollar in early trade today on lack of demand.
At 9.05am, the local unit traded at 4.1310/1360 against the greenback from 4.1300/1350 recorded on Monday.
A dealer said there was the likelihood of US dollar weakness due to thin holiday trade.
“The US dollar traded lower against a basket of currencies yesterday in thin holiday-impacted trading,” he added.
The ringgit traded mostly lower against a basket of major currencies.
It declined against the Singapore dollar to 3.0456/0495 from Monday's close of 3.0442/0490, depreciated against the Japanese yen to 3.6970/7018 from 3.6898/6946 and fell against the euro to 4.6457/6518 from 4.6454/6506.
However, the local note appreciated against the British pound to 5.3625/3710 from 5.3649/3726. - Bernama
Ambank research noted that US President Donald Trump's move to end waivers on Iranian crude imports is pushing up crude oil prices.
It added that this might spur Saudi Arabia into producing more oil in a reversal of its supply cuts.
"But Saudi is not expected to rush into a reversal of the cuts as they are expected to first examine the effect of the sanction waiver cancelation before it decides how to respond to it. They are unlikely to be alone in this," said Ambank.
The research house expects the ringgit to trade between a support level of 4.1122 and 4.1227 while resistance is pegged at 4.1375 and 4.1432.
"On the external front, look out for US New Home Sales (Consensus: -2.5% m/m) and EU 2018 Fiscal Deficit to GDP (Consensus: -1%)," it added.
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