News & Articles Ringgit makes big gain, pullback to RM4.16 to greenback
Ringgit makes big gain, pullback to RM4.16 to greenback
8 Oct 2015
Malaysia’s ringgit jumped more than 5% to a five-week high today on stop-loss US dollar selling and higher local stocks.
The ringgit, the worst performing Asian currency so far this year, surged as much as 5.2% to 4.1600 per US dollar, its strongest since Sept 1.
Kuala Lumpur stocks advanced 1.6%.
The ringgit and Malaysian stocks also found support from stronger-than-expected August exports and a rebound in global crude prices that eased concerns over the country’s overseas earnings from oil and gas sales.
Scandinavian bank SEB said it will add the one-month ringgit non-deliverable forwards (NDFs) holdings with a target of 4.0500 per US dollar. The NDFs stood at 4.2500.
“The political headwinds have not disappeared but momentum has subsided,” said Sean Yokota, head of Asia strategy for SEB in a note.
Bernama reported the ringgit, strengthening today for the third consecutive session, was quoted at 4.2150/2250 against the US dollar at the 5pm close from 4.3720/3770 yesterday.
The uptrend on the local market was also in tandem with its regional peers on the back of the weakening greenback, a dealer said.
Against a basket of other major currencies, the ringgit traded firmer, especially with the Singapore dollar, which saw the local unit end at a five-week high of below the 3.00-level.
It rose to 2.9780/9861 when against the Singapore dollar from 3.0653/0699 yesterday and strengthened versus the yen to 3.5105/3197 from 3.6318/6375.
The domestic currency also appreciated vis-a-vis the pound sterling to 6.4473/4651 from 6.6323/6408 and increased against the euro to 4.7381/7497 from 4.8993/8053 previously.
The ringgit, the worst performing Asian currency so far this year, surged as much as 5.2% to 4.1600 per US dollar, its strongest since Sept 1.
Kuala Lumpur stocks advanced 1.6%.
The ringgit and Malaysian stocks also found support from stronger-than-expected August exports and a rebound in global crude prices that eased concerns over the country’s overseas earnings from oil and gas sales.
Scandinavian bank SEB said it will add the one-month ringgit non-deliverable forwards (NDFs) holdings with a target of 4.0500 per US dollar. The NDFs stood at 4.2500.
“The political headwinds have not disappeared but momentum has subsided,” said Sean Yokota, head of Asia strategy for SEB in a note.
Bernama reported the ringgit, strengthening today for the third consecutive session, was quoted at 4.2150/2250 against the US dollar at the 5pm close from 4.3720/3770 yesterday.
The uptrend on the local market was also in tandem with its regional peers on the back of the weakening greenback, a dealer said.
Against a basket of other major currencies, the ringgit traded firmer, especially with the Singapore dollar, which saw the local unit end at a five-week high of below the 3.00-level.
It rose to 2.9780/9861 when against the Singapore dollar from 3.0653/0699 yesterday and strengthened versus the yen to 3.5105/3197 from 3.6318/6375.
The domestic currency also appreciated vis-a-vis the pound sterling to 6.4473/4651 from 6.6323/6408 and increased against the euro to 4.7381/7497 from 4.8993/8053 previously.
Source: Therakyatpost.com