Friday December 8, 2017
09:59 AM GMT+8

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The ringgit opens flat against a strenthening US dollar and subdued demand for the local currency. — Reuters picThe ringgit opens flat against a strenthening US dollar and subdued demand for the local currency. — Reuters picKUALA LUMPUR, Dec 8 — The ringgit opened flat against the US dollar this morning on subdued demand for the local currency and as the greenback strengthened on continued tax reform bill optimism, dealers said.

At 9am, the local unit opened at 4.0860/0900 against the greenback from 4.0860/0890 yesterday.

A dealer said the US dollar extended its gains ahead of November US non-farm payroll report to be released later today, which would reaffirm the direction of the US monetary policy.

Meanwhile, Hong Leong Bank Bhd, in a research note, said the ringgit slipped as buying interest subsided, uninspired even by a better performing trade data.

“We turn slightly bearish on the ringgit against a firmer US dollar as signs of waning buying interest in the ringgit has emerged, on top of prevailing risk aversion in the markets.

“We reckon that gains by the US dollar might be shallow and likely restricted within the 4.0848 and 4.0929 resistance range. Breaking this range exposes a move to as high as 4.1216,” it added.

Against a basket of major currencies, the local note was also traded higher except the British pound.

The ringgit rose against the Singapore dollar to 3.0206/0247 from 3.0255/0298 yesterday and advanced against the euro to 4.8080/8131 from 4.8170/8209 yesterday.

It was higher against the yen at 3.6083/6124 from yesterday's 3.6265/6301 but depreciated against the British pound to 5.5006/5084 from 5.4667/4719 yesterday. — Bernama

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