KUALA LUMPUR, Oct 26 — The ringgit continued to extend its loss against the US dollar by opening lower today with investors waiting on the sidelines due to the upcoming 2019 budget release next Friday, said a dealer.
At 9am, the local unit stood at 4.1710/1750 versus the greenback from 4.1680/1710 yesterday.
Oanda head of trading Asia-Pacific Stephen Innes said the 2019 budget announcement would show the course of the new administration with investors keeping a close watch on it.
“The ringgit is expected to nudge higher and test 4.18, prior to the budget release,” he said to Bernama.
On the external front, he said the comment by newly appointed Federal Reserve Vice Chairman Richard Clarida that more interest-interest rake hikes are the best way forward for the US central bank has further strengthened the greenback.
“This is a sign that another interest rate hike is expected in December,” he said.
However, against other major currencies, the ringgit traded mostly higher.
The local currency improved against the Singapore dollar to 3.0181/0221 from 3.0214/0242 yesterday, but vis-a-vis the Japanese yen, fell to 3.7105/7144 from 3.7098/7135.
The ringgit rose against the British pound to 5.3460/3528 from 5.3780/3835 and appreciated against the euro to 4.7416/7466 from 4.7549/7595. — Bernama
