KUALA LUMPUR, Apr 2 – The ringgit strengthened further against the US dollar today on renewed buying interest for the local unit, said a dealer. At 9.07am, the local note stood at 3.8520/8560 against the US dollar from Friday’s close of 3.8620/8650. OANDA Head of Trading Asia-Pacific, Stephen Innes said the local unit remained buoyant on the back of stable local bond markets.
“But with Malaysian elections the next local headwind, we could see a slow down in offshore flows which are most typical ahead of any regional elections. But, markets are expected to remain stable within current ranges. As oil prices trade firm and with regional sentiment improving, the ringgit should continue to benefit from both strong domestic and external factors,” he said in a research note today.
The ringgit also traded higher against a basket of major currencies. It rose against the Singapore dollar at 2.9409/9442 from 2.9476/9511 on Friday and appreciated against the yen at 3.6244/6285 from 3.6369/6404. It went up against the British pound to 5.4132/4192 from 5.4246/4307 and was higher versus the euro at 4.7480/7533 from 4.7603/7659. — Bernama