Wednesday, 13 July 2016
KUALA LUMPUR: The ringgit continued its bullish momentum, opening higher versus the US dollar Wednesday, on buying support for the local note, a dealer said.
At 9 am(0100gmt), the local unit was quoted at 3.9740/9800 against the greenback from Tuesday’s close of 3.9785/9825.
A dealer said the local currency received continued buying support ahead of Bank Negara Malaysia’s two-day Monetary Policy Meeting, scheduled later this evening.
“Traders are expecting the central bank to maintain its lending rate at 3.25 per cent which will boost sentiment for the local currency,” the dealer said.
Vis-a-vis other emerging currencies, the ringgit was traded mostly higher but declined against the British pound to 5.2807/2914 from 5.2309/2382 Tuesday.
Theresa May takes over as United Kingdom’s new Prime Minister today, which, traders believe, would help stabilise the pound for the short-term before she decides on a new approach in negotiating Britain’s exit from the European Union, the dealer said.
Meanwhile, versus the Singapore dollar, the ringgit rose to 2.9503/9569 from 2.9512/9548, strengthened against the yen to 3.7967/8042 from 3.8477/8527 on Tuesday and improved versus the euro to 4.3956/4039 from 4.4197/4254 yesterday.
Source by: The Star Online