KUALA LUMPUR, Aug 19 — The ringgit extended its gains for the third consecutive day against the US dollar today on bullish sentiment surrounding the local and regional markets, a dealer said.
At 9.15am, the local currency was traded at 4.1780/1830 from 4.1800/1850 at yesterday’s close.
AxiCorp chief global market strategist Stephen Innes said the ringgit benefits as global risk sentiment remains intact.
Additionally, he said with US yields falling again, Malaysian Government Securities could be in demand as the hunt for real returns continues.
“Also supporting that notion is tepid inflation leaving the door wide open for Bank Negara Malaysia (BNM) to cut interest rates again sooner rather than later,” he told Bernama.
Innes also added that although crude oil price is trading off the inter-week high, markets remain very stable which supports the local note.
At the time of writing, Brent crude oil continues to trade above US$45 per barrel, despite falling 0.57 per cent to US$45.20 per barrel.
At the opening, the local unit was traded lower against a basket of currencies.
It declined against the Singapore dollar to 3.0626/0674 from 3.0625/0666 yesterday and depreciated vis-a-vis the yen to 3.9734/9789 from 3.9576/9627.
The ringgit fell against the British pound to 5.5404/5487 from 5.5051/5133 and weakened against the euro to 4.9927/5.0004 from 4.9746/9818 previously. — Bernama
