Ringgit trades slightly higher vs USD

Dec 21, 2016


The ringgit traded slightly higher against the US dollar in early trade for the third consecutive day Wednesday.

At 9am (0100gmt), the ringgit was quoted at 4.4770/4810 against the greenback from yesterday’s close of 4.4780/4810.

The local currency is now at its lowest level against the greenback, mostly due to the influence of external factors.

FXTM chief market strategist Hussein Sayed said a series of expected rate hikes in 2017 could see capital flight from emerging economies.

This, he said could further affect the emerging currencies, including the ringgit.

“With only nine trading days remaining till year-end, investors are unlikely to take heavy positions, whether it’s in equity, fixed income or foreign exchange markets, suggesting that the narrow range trading is likely to remain until the new year,” he added.

The ringgit, however, traded mixed to higher against other major currencies.

Against the Singapore dollar, the ringgit slid to 3.0946/0978 from 3.0928/0970 on Tuesday, but strengthened against the yen to 3.7957/7994 from 3.7920/7962.

Against the British pound, it appreciated to 5.5313/5372 from 5.5447/5502, and against the euro, was down to 4.6498/6562 from 4.6495/6531. – Bernama