Ringgit slightly higher on mild buying interest

KUALA LUMPUR: The ringgit was slightly higher at opening on Tuesday, buoyed by mild interest despite the stable US dollar and lower crude oil price which is trading at US$63.69 per barrel, down by 1.13 per cent.

At 9am, the ringgit stood at 4.0510/0550 versus the greenback from Monday's close of 4.0550/0580.

A dealer said in the near term the local note is expected to trade lower on an unexpected deeper slide of Malaysia’s February Manufacturing PMI.

"The anticipated lower Feb PMI, steady greenback and lower crude oil prices will likely drag down the ringgit and local equity market sentiment,” Axi chief global market strategist Stephen Innes told Bernama.

Innes added that indeed, the dreary PMI print underscores Malaysia's challenges as it seeks a sustainable recovery from the shattering COVID-19 pandemic blow.

"However, I think the sombre PMI mood will be transitory as the economy reopens and in the meantime the pre-OPEC meeting could keep bullish bets on a very tight leash,” he added.

Meanwhile, the ringgit was traded mostly higher against other major currencies except with the Singapore dollar, which fell to 3.0486/0523 from 3.0441/0470.

It rose against the Japanese yen to 3.7899/7947 from 3.7993/7025, strengthened versus the British pound to 5.6410/6482 from 5.6547/6601 and appreciated vis-a-vis the euro to 4.8766/8830 from 4.8810/8858. - Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

Ringgit , US dollar , Stephen Innes , crude oil , OPEC , greenback


Next In Business News

Pharmaniaga appointed sole distributor of Baraka in Malaysia
FBM KLCI likely to trade higher next week
Aramco agrees US$12.4bil deal to sell stake in pipelines
Solar in Malaysia - Challenges, and too much of a good thing?
CPO futures to see volatile trading next week, eyes on MPOB data
Pfizer, BioNTech seek US emergency nod for COVID-19 vaccine in adolescents
Eyes on next generation as Singapore succession is thrown into question
Oil price falls, ends week about 2% lower on supply increase, new lockdowns
BlackRock, Mustier's blank-check firm eye Credit Suisse fund management arm
GLOBAL MARKETS-S&P 500, Dow scale new heights, Treasury yields rise on strong inflation data

Stories You'll Enjoy