KUALA LUMPUR, Sept 29 — The ringgit rebounded today as risk-on mood and steady oil prices supported demand.
As at 9.07am the ringgit was traded at 4.1660/1720 versus the greenback compared with 4.1730/1780 at yesterday's close.
AxiCorp chief global market strategist Stephen Innes said the ringgit is trading stronger today, supported by improving global risk sentiment, triggering a weaker US dollar.
“At the same time, higher oil prices round out the trifecta of bullish delights.
“Still, the bullish view is probably getting held back by yesterday's worse-than-expected trade numbers and the constant cloud of political uncertainly ahead of China’s Golden Week, when liquidity typically dries up,” he told Bernama.
It was reported that China's tourism industry expects more than 600 million trips to be taken during the eight-day Golden Week holiday, which begins on October 1.
Malaysia's total trade declined 4.6 per cent to RM145.06 billion in August compared with same month last year, with exports falling 2.9 per cent to RM79.14 billion and imports slipping 6.5 per cent to RM65.92 billion.
Against other major currencies, the ringgit was also traded mixed.
It appreciated against the yen to 3.9511/9571 from 3.9611/9662 and was higher versus the British pound to 5.3596/3694 from 5.3615/3687.
In contrast, the local unit was lower against the Singapore dollar to 3.0364/0426 from 3.0340/0385 and was weaker against the euro at 4.8638/8721 from 4.8590/8665 previously. — Bernama
