KUALA LUMPUR: The ringgit opened lower towards the US greenback at the moment on lack of buying interest forward of Malaysia’s fourth-quarter gross home product (GDP) knowledge which is because of be launched tomorrow, stated an analyst.
At 9 am, the native forex stood at 4.1840/1870 versus the buck from Wednesday’s shut of 4.1825/1850.
The analyst stated buyers are in a cautious mode following the surge in day by day COVID-19 circumstances which has influenced the ringgit motion.
Yesterday, it was reported that the nation’s COVID-19 tally rose to 17,134 new circumstances from 13,944 circumstances recorded the day past.
Nonetheless, Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid stated judging from the Wall Street’s motion final evening, the Malaysian ringgit may rise at the moment.
“Benchmark equities reminiscent of Standard and Poor’s 500, and Nasdaq have been up by 1.45 per cent and a couple of.08 per cent, respectively final evening following better-than-expected earnings reviews from Disney and a number of other different know-how firms.
“Meanwhile, the 10-year United States (US) Treasury yield was lower by two foundation factors to shut at 1.94 per cent though January’s Consumer Price Index is anticipated to return in extra of seven per cent year-on-year,” he advised Bernama.
On that be aware, the ringgit may hover between RM4.17 and RM4.18 towards the buck at the moment, he stated.
Meanwhile, the ringgit was traded principally larger towards a basket of main currencies.
It appreciated towards the Japanese yen at 3.6203/6229 in comparison with Wednesday’s shut of 3.6250/6275, rose towards the British pound to five.6622/6663 from 5.6765/6799 and gained vis-a-vis the euro to 4.7769/7803 from 4.7785/7814.
However, the native be aware depreciated towards the Singapore greenback to three.1173/1197 from 3.1148/1169 beforehand. – Bernama
