Ringgit remains unchanged in quiet market

KUALA LUMPUR: The ringgit remained unchanged against the US dollar on Friday, in line with other Asean currencies, amid a quiet market.

As at 9.11am today, the local note was quoted at 4.2830/2880 compared with 4.2830/2890 yesterday.

AxiCorp global chief market strategist Stephen Innes said the major problem for the ringgit is the enduring safe-haven appeal of the dollar due to geopolitical concerns in Hong Kong and the omnipresent fear of an Asian Covid-19 resurgence.

“I was hoping for much higher oil prices this week but while things are moving in the right direction, prices are struggling at the current level. The ringgit needs a higher break even than current prices to push it below 4.25.

“I suspect the July 4 long weekend will be in full swing in Asia trade today, so I expect another lazy day for the ringgit unless we get something completely unexpected,” he added.

Meanwhile, the ringgit was traded mostly higher against other benchmark currencies.

The local note rose against the British pound to 5.3370/3450 from 5.3597/3690 yesterday and strengthened versus the Singapore dollar to 3.0685/0738 from 3.0751/0799.

The ringgit was also stronger vis-a-vis the Japanese yen to 3.9823/9881 from 3.9857/9924 on Thursday but was lower against the euro at 4.8145/8214 from 4.8007/8068.