Ringgit kicks off the new year on a soft note

Jan 3, 2017
At 9 am today, the ringgit was quoted at 4.4850/4890 against the US dollar compared with 4.4845/4875 on Dec 30, 3016.
At 9 am today, the ringgit was quoted at 4.4850/4890 against the US dollar compared with 4.4845/4875 on Dec 30, 3016.

The ringgit kicked off the first day of trading in the new year on a soft note against the stronger US dollar, extending the losses seen on the last day of trading in 2016.

At 9 am today, the ringgit was quoted at 4.4850/4890 against the US dollar compared with 4.4845/4875 on Dec 30, 3016.

The risk appetite for the ringgit remained weak as investors awaited fresh catalyst to spur buying interest ahead of the prospect of a further rise in US interest rates this year.

Interest rates were last raised by 25 basis points in the United States on Dec 14, 2016.

A dealer said some traders remained on the sidelines, extending their long year-end break, partly aided off the ringgit/dollar weakness.

The local unit, however, traded firmer against a basket of major currencies.

It rose against the Singapore dollar to 3.0914/0963 from 3.1043/1085 on Dec 30, 2016 and increased against the yen to 3.8229/8273 from 3.8375/8411 previously.

The currency appreciated vis-a-vis the British pound to 5.5130/5183 from 5.5213/5259 last Friday and strengthened against the euro to 4.6953/7013 from 4.7482/7523. – Bernama

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