Ringgit Continues to Move Strongly, Holds Below RM4.50 Against the USD

thecekodok


The ringgit opened higher against the US dollar even as the world's currency giant strengthened after lower-than-expected unemployment claims data in the United States.


At 10.30am, the ringgit maintained a position of 4.4600 which is 0.22% stronger against the US dollar than it closed at 4.4710 on Thursday.


In the United States, the initial jobless claims figure fell to 233,000, which was lower than the consensus estimate of 241,000 and last week's level of 250,000.


According to the Chief Economist of Bank Muamalat Malaysia Bhd, Dr Afzanizam said the strong data eased fears of a US recession and led to higher equity prices and rising bonds.


Meanwhile, the US Dollar Index (DXY) increased slightly at 103.22 points.


Sentiments like this will support the ringgit to maintain its current level between RM4.47 to RM4.48.


He also said that the current resistance level will be placed at 4.5152 and the lower support level at 4.4467.


The ringgit traded mostly higher against a basket of major currencies.


It rose against the euro to 4.8780/4.8895 from 4.8859/4.8903 and rose against the Japanese yen to 3.0261/3.0338 from 3.0590/3.0619 yesterday.


However, it eased against the British pound to 5.6964/5.7098 from 5.6661/5.6712 at Thursday's close.


The local note also traded mixed against Asean currencies.


It improved against the Singapore dollar to 3.3699/3.3781 from 3.3746/3.3779 and rose against the Indonesian rupiah to 281.1/282.0 from 281.2/281.6 yesterday.


But the local currency fell against the Thai baht to 12.6611/12.6988 from 12.6382/12.6545 at Thursday's close and was unchanged against the Philippine peso at 7.79/7.82.

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