KUALA LUMPUR (April 19): The ringgit gained some breathing room today as US Treasury yields and dollar volatility eased, with the ringgit opening slightly lower against the US dollar in the morning session.
At 9.02am, the local unit stood at 4.1270/1320, marginally lower against 4.1250/1290 at last Friday’s close.
Axi chief global market strategist Stephen Innes said foreign exchange (forex) traders are expected to monitor the movement of oil prices amid China’s waning credit impulse as catalyts for trading as the US Federal Reserve (Fed) was in the communications blackout period ahead of the Federal Open Market Committee meeting scheduled for April 28.
At the opening bell, the ringgit was traded mostly easier against other major currencies.
It weakened further against the Singapore dollar to 3.0932/0977 from last Friday’s closing at 3.0929/0964, eased against the British pound to 5.7006/7092 from 5.6834/6898 last week, and weakened versus the yen to 3.7956/8009 from 3.7903/7943 previously.
However, the local note appreciated against the euro to 4.9355/9431 from 4.9405/9465 last Friday.-The Edge Market