23Mar
MYR2

Kuala Lumpur : Ringgit strengthens to 4.00 against US dollar

PETALING JAYA :

  • The ringgit has strengthened, as a fresh wave of foreign money flowing into the local bourse lifted the currency’s exchange rate to as high as RM3.98 to US$1.
  • This is the first time since August last year that the ringgit has traded below the pyschologically important four level.
  • The FTSE Bursa Malaysia KL Composite Index climbed 6.39 points to 1,724.75 points – its highest in more than seven months.
  • Alliance Bank chief economist Manokaran Mottain said while it was a “good sign” that the ringgit had briefly strengthened to below four, he expected it to continue to exhibit volatility for a while, in tandem with the volatility in crude oil prices.
  • “At the moment, temporary relief is being provided for it largely due to crude, which is trading higher at above US$40 per barrel, but we don’t think it (oil) has reached a steady level yet, ” Manokaran said.
  • Notably, although the benchmark Brent crude has risen more than 50% from 12-year lows recorded in January, lingering concerns on China’s economic slowdown and the glut in global oil supply continue to stoke concerns across markets.
  • The ringgit was last traded at 4.0097 against the US dollar yesterday, up 1.2% from 4.058 on Monday.

For more information about KLSE stock market please feel free to visit EPIC RESEARCH MALAYSIA.

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