KUALA LUMPUR: The ringgit opened little modified in opposition to the US greenback at the moment amid constructive United States (US) financial information, an analyst mentioned.
At 9.00 am, the native forex was marginally increased at 4.2200/2250 in opposition to the dollar from 4.2240/2250 at Thursday’s shut.
Financial institution Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid mentioned the US unemployment insurance coverage claims declined to 187,000 for the week ended March 19 in comparison with 215,000 within the earlier week, suggesting a wholesome labor market situation.
“The US Buying Managers’ Index and several other different European economies are pretty first rate with the benchmark index remaining above the 50-point threshold.
“This means that the producers are most optimistic concerning the future outlook though the army battle presents an extra difficult within the working atmosphere,” he advised Bernama at the moment.
In short, Mohd Afzanizam mentioned the US rate of interest goes to be increased and this may assist the worth of its forex, which has indicated that the US Greenback Index (DXY) rising 0.17 per cent to 98.789 factors.
From the technical charts perspective, the ringgit versus the US greenback seems to be already in an oversold scenario, he mentioned.
“The ringgit ought to linger at RM4.22 because the draw back dangers appear to be fairly restricted on the present juncture,” Mohd Afzanizam mentioned.
On the opening, the ringgit was traded principally blended in opposition to a basket of main currencies.
The native unit rose in opposition to the Singapore greenback to three.1091/1130 from 3.1107/1119 on Thursday and improved versus the Japanese yen to three.4576/4620 from 3.4714/4725.
Nonetheless, it inched down in opposition to the British pound to five.5653/5719 from 5.5651/5664 and declined in opposition to the euro to 4.6454/6509 from Thursday’s shut of 4.6426/6437. – Bernama