Recommend Us | About Us | Back to

News | Financial Calculator | Home Financing | Archived News |


  Welcome to Bernama Banking & Finance Special Page     
Ringgit ends higher against US dollar on demand for EM currencies
Last update: 08/11/2018

KUALA LUMPUR, Nov 8 (Bernama) -- The ringgit ended marginally higher against the US dollar today lifted by risk appetite on emerging market currencies in the aftermath of the US mid-term results whereby the Liberal Democrats party took control of the House of Representatives, dealers said.

At 6 pm, the ringgit stood at 4.1620/1670 versus the greenback from Wednesday’s close of 4.1640/1670.

FXTM Global Head of Currency Strategy and Market Research Jameel Ahmad said investors were descaling away from US dollar buying positions and had potentially been put off holding onto their positions because of the consensus that the Liberal Democrats taking control of the lower house provided a potential roadblock to US President Donald Trump introducing further fiscal stimulus.

“Softness in the greenback is something that will be warmly welcomed from different currencies across the globe...with this overall trend of stronger Asian foreign exchange generally suggesting that investors are gradually dipping back into buying emerging market currencies at weak valuations,” he said.

Meanwhile, OANDA Head of Trading Asia-Pacific Stephen Innes said Asia currencies continued to benefit from yield appeal supported by very healthy inflow to North Asia equity markets and Southeast Asia bond markets.

The local unit was also higher against other major currencies.

The ringgit rose against the Singapore dollar to 3.0344/0385 from 3.0419/0445 on Wednesday, and vis-a-vis the Japanese yen, it appreciated to 3.6605/6659 from 3.6830/6860.

It increased against the British pound to 5.4589/4659 from yesterday’s 5.4815/4871 and strengthened against the euro to 4.7534/7600 from 4.7844/7883.



60 pct of SMEs not aware of Islamic finance facilities -- BNM
RAM reaffirms RHB Islamic's AA2/Stable/P1 ratings

Standardisation is key for Islamic finance growth - CBB Director

LIAM appoints Mark O' Dell as first CEO
PIDM provides financial consumer protection

AIA Public Takaful supports Race For Cover programme

100 Yen3.7507/7559
Source: Bank Negara Malaysia

Starting April the banks have imposed a 50 sen processing fee on top of the 15 sen stamp duty on each cheque. The fee also applies to those applying for a Banker’s Cheque, Bank Draft and Cashier’s Order. Do you think this additional charge is justified?
Not Sure
  Main | News | Insurance

© 2019 BERNAMA. All Rights Reserved. Disclaimer | Privacy Policy| Security Policy
This material may not be published, broadcast, rewritten or redistributed in any form except with the prior written permission of BERNAMA.
Best viewed in Firefox 8.0 & Internet Explorer 8.0 with 1024 x 768 resolution