Ringgit Appreciates Against US Dollar

By Nurunnasihah Ahmad Rashid

KUALA LUMPUR, Nov 20 (Bernama) -- The ringgit continued to be well supported and sustained its upward momentum, gaining 0.12 per cent against the US dollar at the close on Wednesday on continued demand, said Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid.

At 6 pm, the local currency appreciated to 4.4685/4740 against the greenback, compared with Tuesday’s close of 4.4705/4750. 

“The ringgit’s oversold condition from the technical standpoint may have incentivise traders to come in.

“In the absence of major data points in the US this week, market sentiments will stay guarded,” he told Bernama.

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

It depreciated against the British pound to 5.6620/6690 from 5.6449/6506 at the close on Tuesday and declined against the euro to 4.7178/7236from 4.7150/7198 yesterday, but improved against the Japanese yen to 2.8696/8733 from 2.9078/9109 previously.  

However, the local unit traded higher against regional currencies. 

It rose against the Philippine peso to 7.58/7.59 from 7.60/7.61 at Tuesday’s close and strengthened against the Indonesian rupiah to 281.5/282.0 from 282.1/282.5 yesterday.  

The ringgit was also higher against the Singapore dollar to 3.3290/3333 from 3.3345/3381 yesterday and gained against the Thai baht to 12.8679/8889 from 12.9201/9384 previously. 

-- BERNAMA