KUALA LUMPUR: The ringgit traded at its strongest level in a month against the US dollar yesterday in anticipation that the US government’s move to safeguard its automotive industry will soothe world markets and boost investors’ risk appetite.

Commodity prices also advanced amid a weakening US dollar, lending further support to the equity market after significant gains a day earlier.

“The ringgit is on the rebound today, as news of an auto bailout in the US revived some risk appetite among investors, but gains may be limited by a government manufacturing report today that may show further signs of easing local growth.

“The appeal of the US dollar as a safe haven is losing its lustre, amid worries of burgeoning deficits,” HLG Securities Sdn Bhd wrote in a note earlier yesterday.
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KUALA LUMPUR, Nov 11 (Bernama) — The ringgit closed lower today on lack of commercial demand amid a stronger greenback in regional markets, dealers said.

At 5.00pm, the local currency weakened against the greenback at 3.5450/5500 compared with 3.5380/5430 yesterday.

They said the ringgit’s decline, which touched its two-week low, was in line with concerns over the global economic downturn despite China’s massive economic stimulus.

“The ringgit is likely to stay underpressure against US dollar in the near term. The market will continue to eye development in the equity markets both locally and overseas,” a dealer said.

Meanwhile, the ringgit was mostly lower against other major currencies in late trading today.

It was lower against the Singapore dollar at 2.3781/3835 from 2.3745/3826 yesterday and dropped against the yen at 3.5739/5794 from 3.5734/5788 previously.

Against the British pound, it was stronger at 5.5738/5834 from 5.5859/5952 yesterday. It, however, strengthened against the euro at 4.5589/5657 from 4.5595/5673 previously.

– BERNAMA

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KUALA LUMPUR, Oct 22 (Bernama) — The ringgit ended lower against the US dollar Wednesday amid signs that demand for the greenback was returning, dealers said.

They said the greenback had won back its attractiveness following the recent fall in commodity prices.

At 5pm, the ringgit was weak at 3.5450/5470 against the US dollar from the 3.5255/5285 recorded at Tuesday’s closing.
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KUALA LUMPUR, Oct 16 (Bernama) — The ringgit extended its losses today to close at a 21-month low against the US dollar on concerns over the uncertainties in the global market, dealers said.

At 5 pm, the ringgit weakened against the greenback at 3.5250/5280 from yesterday’s closing of 3.5100/5150.

Dealers said the weaker performance of Asian stock markets, as well as Asian currencies, dampened the market sentiment.

They said players were reluctant to take a heavy position as they were worried about the global economic slowdown.

In late trading today, the ringgit traded mixed against other major currencies.

It was slightly higher against the Singapore dollar at 2.3805/3848 from 2.3869/3923 yesterday and lower against the Japanese yen at 3.5033/5077 from 3.4742/4809 previously.

The ringgit was firmer against the euro at 4.7454/7505 compared with 4.7676/7755 yesterday.But it weakened against the British pound at 6.0789/0858 from 6.1232/1337 previously.

– BERNAMA

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KUALA LUMPUR, Sept 26 (Bernama) — In order for trade to be conducted in Ringgit, the local currency would have to be internationalised first, said Datuk Salleh Majid, an independent economist.

But by doing so, the ringgit would once again be exposed to currency speculators, he said.

Salleh was asked to comment on former premier Tun Dr Mahathir Mohamad’s suggestion that all Malaysian trade payments be made in the Ringgit denomination.

The demonetising of Ringgit is one of the features under the capital control initiatives introduced way back in 1998 during the Asian financial crisis, Salleh recalled.

Dr Mahathir, in his most-read blog in the country, hitting a million readers in just one month of launch, suggested that conducting trade in ringgit, would keep the currency in constant demand and its value would be stable at a certain level.
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KUALA LUMPUR, Aug 15 (Bernama) — The ringgit opened lower against the U.S. dollar Friday on lack of commercial amid stronger greenback in the global markets, dealers said.

At 9am, the local currency was weakened against the greenback at 3.3435/3465 compared with Thursday’s closing of 3.3295/3325.

A dealer said the greenback had also strengthened against a basket of other currencies following a sell-off in oil prices and weak economic data in Europe and Asia.

Meanwhile, the US consumer prices rose 0.8 percent in July pushed the greenback high to a fresh six-month high against the euro.

Against other currencies, the ringgit was easier against the Singapore dollar at 2.3612/3654 from 2.3640/3683 on Thursday and lower against the yen at 3.0426/0461 from 3.0379/0409 previously.

It also weakened against the British pound to 6.2363/2436 from 6.2318/2391 on Thursday and dropped against the euro to 4.9357/9408 from 4.9606/9661 previously.

– BERNAMA

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KUALA LUMPUR, Aug 8 (Bernama) — The ringgit Friday fell further to hit its lowest level since January as the greenback extended its gains globally, dealers said.

At 5pm, the local currency weakened against the greenback to 3.3000/3030 compared with Thursday’s closing of 3.2820/2850.

The dealers said the U.S dollar rose broadly after a sharp jump in the U.S. June home sales index by 5.3 percent to 89.0.

They said sustainable gains on the U.S dollar encouraged players to sell their ringgit positions.
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Aug. 6 (Bloomberg) — Standard Charterted Plc cut its forecast for Malaysia’s ringgit, citing accelerating inflation, slowing economic growth and the central bank’s failure to increase interest rates.

The ringgit has retreated about 4.5 percent from a decade high reached on April 24 as inflation quickened to the fastest in 26 years and the central bank kept its overnight policy rate unchanged for an 18th straight meeting on July 25. The U.K.- based bank, which makes most of its money in Asia, lowered its recommendation for the currency to `neutral’ from `overweight.’
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KUALA LUMPUR (Thomson Financial) - Malaysian shares closed slightly lower on Tuesday as investors took profits following a sharp fall on Wall Street overnight on renewed credit concerns and rising oil prices.

Bargain-hunting kept the key index off its lows.

The Dow Jones industrial average dropped 2.1 percent on Monday after the closure of branches at some regional banks revived fears about the state of U.S.

credit markets.

A $1.47 rise in light, sweet crude to $124.73 a barrel on the New York Mercantile Exchange further unnerved investors, who remain worried that oil prices could climb higher.

The Kuala Lumpur Composite Index (KLCI) finished down 3.29 points or 0.3 percent at 1,150.80, off a low of 1,143.55.
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KUALA LUMPUR, TUES: Source: The News Straits Times

The ringgit opened firmer against the U.S dollar today as the greenback eased on the back of a more slowing economy in the U.S. amid losses among U.S. financial firms, said dealers.
At 9.05 am, the local currency strengthened at 3.2530/2565 against the greenback compared to Monday’s closing of 3.2650/2670.

The ringgit was on a downtrend yesterday since Bank Negara Malaysia announced that the overnight policy rate (OPR) would be retained at the current level of 3.5 percent.

With the central bank’s decision, dealers expects the ringgit to move in a tight range this week due to lack of fresh leads in the market.
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