Friday 29 Mar 2024
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KUALA LUMPUR (Mar 23): AmBank Group Research expects the ringgit (MYR) to trade between its support level of S1: 3.9074 and S2: 3.9029 while the resistance is pegged at R1: 3.9196 and R2: 3.9249.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR gained 0.3% to 3.9135 against the US Dollar.

He said the KLCI climbed 0.6% to 1,876.87, buoyed by interest from foreign investors with a net inflow of funds totaling RM112.2 million.

“Meanwhile, crude oil namely WTI and Brent retreated due to profit taking after the most recent rally, dropping 1.4% to US$64.23/barrel and 0.9% to US$68.87/barrel respectively.

“The 5-year Malaysian Government Securities yield rose 0.5 basis points (bps) to 3.545% while the 7- and 10- dropped 1bps to 3.830% and 3.950%.

“The MYR was relatively stronger against regional peers like rupiah by 0.3% to 3,514.63, baht by 0.7% to 7.9953, and peso by 0.7% to 13.3710, but lost ground against Singapore dollar by 0.05% to 2.9771. The 5 year CDS rose 0.54% to 70.85,” he said.

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