Ringgit Rally Extends

KUALA LUMPUR: The ringgit extended its gains against the greenback for the fourth consecutive day on continued buying support for the local currency, dealers said.

At 6pm, the local note was quoted at 4.3390/3430 against the US dollar from Thursday’s close of 4.3450/3480.

OANDA Senior Trader Stephen Innes said there has been a shift in sentiment for the ringgit after Bank Negara Malaysia (BNM)’s timely move to increase liberalisation in the foreign exchange markets.

“After last month’s massive Malaysian Government Securities outflow, BNM has made tremendous efforts to reassure foreign investors that Malaysia is indeed open for business, and is actively moving to greater liberalisation of onshore markets.

“It seems to have worked, as outflows have dropped to a trickle, while the local currency has shown signs of appreciating,” said Innes.

At the close, the ringgit was traded mixed against most major currencies. It rose against the Singapore dollar to 3.1088/1121 from 3.1120/1146, and was higher against the Japanese yen at 3.8911/8958 from 3.9046/9083 on Thursday.

The local not weakened, however, against the British pound to 5.6129/6198 from 5.6051/6107, and fell against the euro to 4.7456/7508 from 4.7334/7385 yesterday. — BERNAMA


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