Ringgit stays above 4.52 level versus US dollar in early trade

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KUALA LUMPUR (Sept 15): The ringgit stayed above the 4.52 level against the US dollar at the opening on Thursday (Sept 15), as the greenback continued its relentless rise towards an all-time high in response to the US’ latest bullish core producer price index (PPI) data.

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At 9.05am, the local currency had slid to 4.5270/5305 against the greenback, from 4.5265/5285 at Wednesday’s close.

ActivTrades trader Dyogenes Rodrigues Diniz said the US PPI data recorded a higher-than-expected reading of 7.3% versus the 7.1% forecast.

“From the technical point of view, the last time the US dollar hit an all-time high against the ringgit was in November 2016, when it reached 4.5380. This is where the dollar should encounter temporary resistance,” he said.

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The ringgit was also traded higher against a basket of major currencies, except for the yen, where it had eased to 3.1622/1649 from 3.1616/1635.

The local unit rose against the Singapore dollar to 3.2193/2223 from 3.2252/2268 on Wednesday, increased against the pound to 5.2178/2219 from 5.2331/2354, and gained against the euro to 4.5143/5178 from 4.5306/5326 previously.-BERNAMA


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