Ringgit Bland At Week's Close, Remaining 4.73 Since Opening


The ringgit opened flat against the US dollar on Friday as demand subsided as investors waited for the next market driver.

As of 9am this morning, the local currency remained unchanged at 4.7380 to the dollar from where it closed at 4.7380 overnight.

Dyogenes Rodrigues Diniz, ActivTrades said market participants are waiting for the Non-Farm Payrolls (NFP) data output this evening which has the potential to cause significant movements in the market.

Apart from that, Dr Afzanizam also believes that market sentiment is now choosing to reduce the risk of widespread losses. The decline in US Treasury equities has resulted in low returns amid growing uncertainty in geopolitical conflicts in the Middle East.

The recent rise in crude oil prices requires closer scrutiny as geopolitical risks will dominate market sentiment to the point where market participants will find refuge in US dollars.

At the opening, the ringgit traded mostly higher than a basket of major currencies except the Japanese yen.

It rose versus the euro to 5.1365/1408 from 5.1445/1494 at Thursday's close, rising versus the British pound to 5.9917/9967 from 6.0002/0059 but lower versus the Japanese yen at 3.1390/1412 from 3.1390/1412 previously.

Likewise, the ringgit is traded at a higher rate than Asean currencies.

The local currency was higher against the Thai baht at 12.8978/9129 from 12.9048/9223 on Thursday, up against the Philippine peso at 8.38/8.39 from 8.40/8.41 and up against the Singapore dollar at 3.5146/5178 from 3.5146/5178 from 3.5146/5178. /5208 before this.

It also traded unchanged against the Indonesian rupiah at 298.1/298.4 versus 298.1/298.5 at the close of Thursday.