Ringgit extends gains on FTSE Russell decision

  • Forex
  • Monday, 30 Sep 2019

KUALA LUMPUR: The ringgit extended last week’s upward momentum to open higher against the US dollar this morning backed by positive sentiment for the local currency.

At 9.05am, the local note was at 4.1850/1890 against the greenback compared with Friday's close of 4.1860/1900. A dealer said despite a better dollar sentiment, demand for the ringgit remained intact after FTSE Russell decided to keep Malaysia on its benchmark World Government Bond Index (WGBI), along with China.

Overall, the ringgit traded mostly higher against other major currencies. It rose against the Singapore dollar to 3.0273/0307 from Friday’s 3.0292/0325, increased against the yen to 3.8764/8812 from 3.8774/8818, and strengthened versus the British pound to 5.1425/1487 from 5.1433/1499.

The local currency, however, depreciated, against the euro to 4.5750/5798 from 4.5732/5793 previously. - Bernama

The focus on Monday will be whether the US administration plans to stop Chinese companies from listing on US exchanges, says Ambank research.

This is despite the administration denying news reports that it is contemplating the move.

Other issues of interest include Brexit as the deadline is approaching, as well as the trade talks and a political crisis in Italy.

"On that note, we expect MYR to trade between our support level of 4.1679 and 4.1776 while our resistance is pinned at 4.2009 and 4.2090," said Ambank.

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