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Ringgit extends gains against US dollar early Friday, 6 January 2017

Friday, 6 January 2017

KUALA LUMPUR: The ringgit extended its gains to open firmer against the US dollar on Friday on improved appetite for the local note.

At 9.10 am, the ringgit was quoted at 4.4740/4800 against the greenback compared with 4.4830/4870 on Thursday.

Tthe rising oil prices coupled with a weaker greenback as investors grew cautious on the US economic outlook had helped boost demand for ringgit.

The overnight oil price settled at a one-week high in the overnight market following news that Saudi Arabia had cut production to meet the Petroleum Exporting Countries’ (OPEC) deal to reduce output.

Sentiment in the local market was also fueled by positive remarks from Deputy Finance Minister Datuk Othman Aziz, who agreed with bankers’ forecast that the ringgit would rebound to a fair value of 4.1 against the US dollar in the third quarter of the year.

Bankers had forecast the rebound based on improving commodity prices such as rubber and palm oil, as well as steady economic fundamentals.

Investors would continue to remain on the sidelines until US President-elect Donald Trump’s swearing-in ceremony on Jan 20.

The ringgit, however, was traded lower against a basket of major currencies.

It fell versus the Singapore dollar to 3.1269/1329 from 3.1251/1297 yesterday and declined against the yen to 3.8636/8697 from 3.8441/8479.

The local unit depreciated vis-a-vis the British pound to 5.5482/5588 from Thursday’s 5.5150/5217 and weakened against the euro to 4.7375/7457 from 4.7089/7140 previously.

Source by: Internet

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