The value of the ringgit continues to rise against the US dollar

RINGGIT continued to post a positive trend against the US dollar today, rising to 4.55 following low US inflation expectations and a less aggressive rate hike by the US Federal Reserve, analysts said.

At 9am, the local unit rose 195 percent in points (pips) to 4.5530/5600 against the US dollar from 4.5725/5775 on Wednesday.

SPI Asset Management Managing Director Stephen Innes said that stronger crude oil prices at the beginning of this week also provided support to local units.

“The only thing restraining the ringgit from going higher is the increase in Covid-19 cases in China,” he told Bernama.

Meanwhile, ActivTrades trader Dyogenes Rodrigues Diniz said, it is expected that the market will remain a little quieter than usual until next week, following the Thanksgiving holiday in the US.

“The most important macroeconomic event next week will be the release of US non-farm payrolls data, which will provide more clues about the strength of the US economy,” he said.

Meanwhile, the ringgit traded lower against a group of major currencies.

The local unit slipped against the Singapore dollar to 3.3074/3130 from 3.3053/3094 on Wednesday and eased against the euro to 4.7419/7492 from 4.7202/7254 previously.

It also eased against the pound to 5.4968/5053 from 5.4495/4555 and slipped against the Japanese yen to 3.2715/2768 from 3.2344/2382 yesterday. – Named

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