KUALA LUMPUR: The ringgit continued its positive run, chalking up a 195-percentage-point gain to start the day at 4.55 against the US dollar.
Analysts attributed the good run to softer US inflation and less aggressive rate hikes expected from the Federal Reserve.
At 9am, the local currency was at 4.5530/4.5600 against the greenback from yesterday’s close of 4.5725/4.5775.
SPI Asset Management managing director Stephen Innes said the steadier crude oil prices earlier this week have also provided support for the local currency.
“The only thing holding the ringgit back from rallying higher is the rise in 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 payrolls data, which will offer more clues on the strength of the US economy,” he said.
Meanwhile, the ringgit was traded lower against a basket of major currencies.
The local currency slid versus the Singapore dollar to 3.3074/3.3130 from 3.3053/3.3094 at yesterday’s close and shrank against the euro to 4.7419/4.7492 from 4.7202/4.7254 previously.
It had also further depreciated versus the British pound to 5.4968/5.5053 from 5.4495/5.4555 and fell vis-a-vis the Japanese yen to 3.2715/3.2768 from 3.2344/3.2382 yesterday.
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