KUALA LUMPUR, April 5 — The ringgit remained unchanged against the US dollar today in remaining at Wednesday’s price level and despite easing concerns of a trade war, which is deemed to benefit the local unit.
At 9am, the ringgit was quoted at 3.8680/8720 compared with yesterday's 3.8680/8710.
Oanda Head of Trading Asia-Pacific, Stephen Innes said the market should also expect the ringgit against the US dollar to gravitate towards the lower end of this week's very tight trading band of a 3.86 level.
“However, two-way flow and position adjustments will hold the ringgit in a close range as the market veers towards Friday's key US non-farm payroll data,” he added.
Commenting on market sentiment locally, Innes said the broader tariff narrative remains the primary focus, but, the general elections will push foreign investors to stay on the sidelines and that will dampen inflows to a degree.
“It's not an isolated case of the Malaysian elections per say. it is a commonality across all countries ahead of elections,” he added.
The local unit traded mostly lower against a basket of major currencies, except for the yen.
It fell against the Singapore dollar to 2.9464/9517 from 2.9417/9446 yesterday, depreciated against the pound to 5.4516/4580 from 5.4342/4399, and was lower against the euro at 4.7526/7591 from Wednesday’s 4.7484/7532.
Against the yen, the ringgit was higher at 3.6194/6238 from 3.6429/6464. — Bernama