KUALA LUMPUR (Sept 24): AmBank Group Research expects teh ringgit (MYR) to trade between its support level of 4.1232 and 4.1269 and resistances at 4.1369 and 4.1399.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said MYR rose 0.18% to 4.131 against the dollar in tandem with other Emerging Markets currencies rallying in Asia due to improved risk appetite.

Dass said the local bourse gained 0.38% to close at 1810.6 with a net foreign inflow of RM307.8 million.

“Besides, local buying interest continued in the local bond space with 5-year Malaysian Government Securities (MGS) yields fell 1.5 basis points to 3.755% while 7- and 10-year MGS yields stayed unchanged at 3.960% and 4.085%.

“Meanwhile, crude oil prices i.e. WTI slipped 0.03% to US$70.78/barrel while Brent rose 0.13% to US$78.70/barrel, respectively following reduction in OPEC and its allies’ oil output in August as U.S. sanctions which caused a drop in Iranian supply.

“The MYR performed mixed against its regional peers, depreciating against sing dollar and rupiah by 0.18% to 3.029 and 0.04% to 3587.1 while MYR gained against baht and peso by 0.47% to 7.851 and 0.14% to 13.10, respectively. Meanwhile, Chinese Yuan weakened by 0.15% to 6.857 against the dollar,” it said.