Friday, 30 December 2016
KUALA LUMPUR: The ringgit opened unchanged against the US dollar Friday on a lack of impetus with traders not visible in view of the year-end holidays.
At 9 am(0100gmt), the ringgit was quoted at 4.4830/4860 against the greenback, as was the case at Thursday’s closing.
Being the last day of trading, the market is expected to remain range bound, before traders push new boundaries of optimism in the New Year.
However, an upheaval in the greenback is expected in the medium term, on anticipation that US President-elect Donald Trump’s policies may elevate inflation.
This could then have an impact on the Federal Reserve’s decision to increase interest rates, sooner.
Against a basket of major currencies, the local unit traded lower.
It declined against the Singapore dollar to 3.1039/1066 from 3.0945/0972 yesterday, was down against the yen at 3.8587/8622 from 3.8527/8563.
The local note slipped vis–vis the British pound to 5.5141/5182 from 5.4966/5007 and fell against the euro to 4.7358/7408 from 4.6928/6964.
Source by: Internet