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Ringgit Soars Against US Dollar In Early Trade

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KUALA LUMPUR – The ringgit soared against the US dollar in early trade today
on renewed demand for the local note.

At 9 am, the ringgit was traded at 4.1060/1159 against the US dollar from
4.1770/1860 at 5 pm on Tuesday.

There was no trading yesterday with the market closed for the Awal Muharram
holiday celebrating the beginning of the Islamic new year.

A dealer said the ringgit seems to have completed its consolidation phase
after the recent rally and was ready to test psychological level of 4.0 soon.

“Current sentiment is still positive for the ringgit and the new demand came
as some foreign funds start re-enter Bursa Malaysia,” he added.

The ringgit also traded higher against major currencies, except for the
Singapore dollar, against which it declined to 2.9810/9903 from 2.9800/9872 on
Tuesday.

The local note appreciated versus the yen to 3.4472/4570 from 3.4893/4980,
improved vis-a-vis the pound sterling to 6.3495/3673 from 6.3662/3820 and
strengthened against the euro to 4.7084/7205 from 4.7538/7645 previously.
– BERNAMA

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