KUALA LUMPUR: The ringgit was marginally higher against the US dollar at the close today on better oil prices and stimulus hopes for China’s economy.
At 6 pm, the local note ended at 4.6730/6780 against the greenback compared with 4.6760/6805 last Friday.
SPI Asset Management managing director Stephen Innes said the ringgit traded a tad better today given Malaysia's strong trade ties to China, hence exporters could be hedging for possible stimulus in China by its government. "It's been a higher one-way street on the US dollar/ringgit pair, so positions could also have been a bit stretched,” he told Bernama.
Hong Leong Bank Bhd
was "neutral-to-slightly bullish” on the US dollar/ringgit pair as "the geopolitical events over the weekend are likely to result in some safe haven bid with the greenback being the beneficiary of any risk-off moves.”
"The psychological level of 4.7000 is seen as a strong resistance level for any possible upside move,” the bank said in a note today.
At the close, the local note was marginally lower versus the British pound at 5.9487/9551 from Friday’s closing of 5.9469/9527 and depreciated vis-a-vis the euro to 5.0917/0971 from 5.0781/0830.
It was slightly higher against the Japanese yen at 3.2624/2661 from 3.2645/2680.
However, the local note strengthened against other Asean currencies except for the Philippine peso.
The ringgit went up against the Singapore dollar to 3.4536/4575 from 3.4568/4604 last Friday and rose versus the Thai baht to 13.2733/2954 from 13.2765/2950.
It improved vis-a-vis the Indonesian rupiah to 311.0/311.5 from 311.7/312.2 and depreciated against the Philippine peso to 8.39/8.40 from 8.38/8.40 previously. - Bernama
