kuala lumpur: The ringgit maintained its positive momentum against the dollar in early trading today. Continued global uncertainty has prompted more investors to shift to emerging currencies, including the ringgit, one dealer said.
At 9:20 am, the local currency rose to 4.4710/4750 against the dollar from Monday’s close of 4.4830/4885.
ActivTrades trader Dyogenes Rodrigues Diniz said uncertainties remain amid talks to buy Credit Suisse by Switzerland’s largest bank UBS.
“While the crisis of confidence in the banking system is being closely monitored by all market players around the world, Switzerland has made historic interventions to facilitate transactions between UBS and Credit Suisse. .
“In Malaysia, trade balance data are higher than expected, pointing to a possible rally of the ringgit against the dollar. All investors are watching this very closely because it is a risk,” he told Bernama.
Meanwhile, the ringgit almost fell against a basket of major currencies.
Local currencies rose to 3.4101/4137 from 3.4177/4224 to 3.4101/4137 against the Japanese yen at Monday’s close, but fell against the British pound to 5.4868/4917 from a previous 5.4657/4724 and 4.7843 against the euro. to 4.7916/7959. /7901.
However, the ringgit traded higher against mainly ASEAN currencies.
Local currencies rose against the Singapore dollar to 3.3406/3440 from yesterday’s close of 3.3408/3454, against the Thai baht to 13.1380/1560 from yesterday’s 13.1408/1631, and against the Indonesian rupiah to 291.00/291.40. rose to 291.80/292.30, but eased to 8.23/8.24 against the Philippine peso from the previous 8.20/8.21. –Bernama
