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Ringgit extends gains against US dollar in early trade

Mount Equity Group Tokyo Japan > News > Markets > Ringgit extends gains against US dollar in early trade

KUALA LUMPUR, Nov 24 — The ringgit has extended its positive run against the US dollar today, improving further to the 4.55 level on expectations of softer United States (US) inflation and less aggressive US Federal Reserve’s rate hikes, said an analyst.

At 9am, the local note climbed 195 percentage in points (pips) to 4.5530/5600 against the greenback from Wednesday’s close of 4.5725/5775

SPI Asset Management managing director Stephen Innes said the steadier crude oil prices earlier this week have also provided support for the local note.

“The only thing holding the ringgit back from rallying higher is the rise in the COVID-19 cases in China,” he told Bernama.

Meanwhile, ActivTrades trader Dyogenes Rodrigues Diniz said it is likely that the market would remain a little more quiet than usual until next week, due to the US Thanksgiving holiday.

“Next week’s most important macroeconomic event is the release of the US Non-Farm…

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