KUALA LUMPUR, Nov 25 — The ringgit continued its optimistic momentum this morning, rising by 0.38 per cent against the US dollar on the opening immediately, reflecting the optimistic sentiments following the readability in Malaysia’s political tussle and the United States(US) Federal Reserve’s sign of a downshift in price hikes.
At 9am, the native be aware additional strengthened to 4.4760/4810 against the buck from Thursday’s shut of 4.4910/5000.
SPI Asset Management managing director Stephen Innes stated there was an enormous follow-through on Malaysia’s inventory market following the appointment of Datuk Seri Anwar Ibrahim as Malaysia’s tenth Prime Minister, which helped the ringgit to draw overseas investments.
The Pakatan Harapan chairman was sworn in because the prime minister on the Istana Negara yesterday.
“However, a big driver of sentiment going forward will be the softer interest rate hikes indicated by the Federal Open Market Committee’s (FOMC) minutes,” he informed Bernama.
Nevertheless, he expects the market to be quiet with the US celebrating the Thanksgiving vacation this weekend.
Meanwhile, ActivTrades dealer Dyogenes Rodrigues Diniz stated the decline within the US dollar looks like a pure market correction after the extended buck rally, which noticed the US foreign money hitting a number of highs over the previous two years.
“The US dollar registered a cumulative gain of almost 19 per cent against the ringgit during that time.
“Most of the buyers who have benefited from that rise are now taking profit as they are wary of the market’s cyclical behaviour, which is now causing a retracement,” he stated.
Meanwhile, the ringgit was traded larger against a basket of main currencies.
The native be aware climbed versus the Singapore dollar to three.2522/2561 from 3.2678/2749 at Thursday’s shut and gained against the euro to 4.6573/6625 from 4.6792/6886 beforehand.
It had additionally appreciated versus the British pound to five.4169/4229 from 5.4305/4414 and elevated vis-a-vis the Japanese yen to three.2199/2237 from 3.2412/2479 yesterday. — Bernama