KUALA LUMPUR, Sept 27 — The ringgit ended almost unchanged against the US dollar today amid steady market sentiment and the rising oil price.
At 6pm, the local note stood at 4.1865/1885 against the greenback from 4.1865/1890 at Friday’s close.
Kenanga Investment Bank Bhd said despite a strong US dollar outlook, the ringgit is seen benefitting from the positive sentiment of the tabling of the 12th Malaysia Plan (12MP) and elevated crude oil prices.
“The ringgit may trade range-bound between 4.18 and 4.20 against the US dollar as the greenback index is expected to remain above the 93.0 level amid the ongoing risk-off environment.
“Externally, the local note may be influenced by the progress of the US debt ceiling negotiations and Chinese property giant Evergrande’s debt overhang situation,” it said.
At press time, the benchmark Brent crude oil price rose 1.25 per cent to US$79.07 per barrel.
Earlier, Prime Minister Datuk Seri Ismail Sabri Yaakob tabled the 12MP which aims to restore the momentum of economic growth and achieve long-term development goals as the country faces challenges of the Covid-19 pandemic.
The 12MP, which contains various initiatives, is centered on nine main areas of focus, namely boosting economic growth; strengthen growth catalysts; improving the well-being of Malaysian families; strengthen public safety and order; eradicating hardcore poverty, and bridging the income gap.
At the close, the ringgit was traded higher against a basket of major currencies.
The local note rose to 3.0915/0932 against the Singapore dollar compared with 3.0981/1004 at Friday’s close and appreciated vis-a-vis the euro to 4.8965/8989 from 4.9120/9150 previously.
It strengthened against the Japanese yen to 3.7737/7758 from 3.7925/7951 and improved against the British pound to 5.7338/7366 from 5.7359/7393 previously. — Bernama
