Ringgit opens unchanged amid selling pressure


KUALA LUMPUR: The ringgit opened unchanged against the US dollar today amidst mixed sentiment in the market as selling pressure re-emerged amidst a spike in political uncertainties.

However, AxiCorp chief global market strategist Stephen Innes said the ringgit should trade on a more favourable tone today with both risk sentiment and oil prices taking flight overnight.

At 9 am, the local currency was traded at 4.1500/1580 versus the greenback compared with 4.1500/1550 at Thursday's close.

Ambank Research noted that the ringgit is expected to trade between its support levels of between 4.1366 and 4.1433, while resistance is pinned between 4.1630 and 4.1703.

Meanwhile, the ringgit weakened against other major currencies. It was traded slightly lower against the Singapore dollar at 3.0562/0632 from 3.0553/0592 on Thursday, slid against the British pound at 5.3705/3825 from 5.3630/3699.

The local currency dropped against the euro to 4.8808/8919 from 4.8796/8863 yesterday and declined versus the yen to 3.9173/9260 from 3.9155/9209. - Bernama
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Ringgit , AxiCorp , Forex , Politics , Oil Prices

   

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