Ringgit opens unchanged against US dollar

Ringgit opens unchanged against US dollar
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KUALA LUMPUR (Oct 18): The ringgit opened unchanged against the US dollar on Monday amid quiet trading ahead of the public holiday on Tuesday.

At 9 am, the local note stood at 4.1560/1605 versus the greenback from last Friday’s close of 4.1560/1590.

Analysts anticipate that the ringgit may experience some technical correction this week, trading in the range of RM4.15 to RM4.16 after having traded higher for six straight trading sessions before slipping last Friday.

Investors may want to cash in some gains, the analysts said.

MIDF Research said the local currency’s appreciation last week was supported by the improving growth outlook in view of the removal of interstate travel ban and other restrictions imposed during the nationwide lockdown.

“The local currency also benefited from the further rise in oil prices, with the Brent crude oil prices rising three per cent last week to a three-year high of US$84.86 per barrel by last Friday (previous week: US$82.39 per barrel),”  it added.

Meanwhile, the ringgit was traded mixed against a basket of major currencies.

It rose against the Singapore dollar to 3.0797/0832 from 3.0824/0849 at last Friday’s close and appreciated versus the euro to 4.8147/8199 from 4.8222/8257 previously.

However, the local note slipped vis-a-vis the Japanese yen to 3.6399/6438 from 3.6341/6368 last Friday and weakened versus the British pound to 5.7108/7169 from 5.7049/7091 at the end of last week.