KUALA LUMPUR: The ringgit opened unchanged towards the US greenback right this moment amid quiet buying and selling forward of the general public vacation on Tuesday.
At 9 am, the native be aware stood at 4.1560/1605 versus the dollar from Friday’s shut of 4.1560/1590.
Analysts anticipate that the ringgit might expertise some technical correction this week, buying and selling within the vary of RM4.15 to RM4.16 after having traded greater for six straight buying and selling periods earlier than slipping final Friday.
Traders might need to money in some positive factors, the analysts stated.
MIDF Analysis stated the native forex’s appreciation final week was supported by the enhancing progress outlook in view of the elimination of interstate journey ban and different restrictions imposed throughout the nationwide lockdown.
“The native forex additionally benefited from the additional rise in oil costs, with the Brent crude oil costs rising three per cent final week to a three-year excessive of US$84.86 per barrel by Friday (earlier week: US$82.39 per barrel),” it added.
In the meantime, the ringgit was traded blended towards a basket of main currencies.
It rose towards the Singapore greenback to three.0797/0832 from 3.0824/0849 at Friday’s shut and appreciated versus the euro to 4.8147/8199 from 4.8222/8257 beforehand.
Nonetheless, the native be aware slipped vis-a-vis the Japanese yen to three.6399/6438 from 3.6341/6368 on Friday and weakened versus the British pound to five.7108/7169 from 5.7049/7091 on the finish of final week. – Bernama
