KUALA LUMPUR (Oct 2): AmBank Group Research expects the ringgit (MYR) to trade between its support level of 4.1322 and 4.1347 while the resistance is pinned at 4.1438 and 4.1466.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said MYR appreciated marginally by 0.01% to 4.138 against the dollar.

He said the KLCI closed slightly lower at 1792.5 with a net foreign outflow of RM19.7 million.

“Profit taking was seen in the local bond space as 5-,7-, and 10-year Malaysian Government Securities yields gained 2.0 basis points (bps), 1.0bps and 1.5bps to close at 3.770%, 3.970% and 4.080%, respectively.

“Meanwhile, both the WTI and Brent rose 2.80% and 2.73% to US$75.30/barrel and US$84.98/barrel, in responds to a done deal in NAFTA without glitches.

“The MYR strengthened against its regional peers, up 0.10% against the Singapore dollar to 3.022, 0.06% higher against rupiah to close at 3603.3, and 0.23% higher against peso to 13.09 but weakened by 0.13% against baht to 7.800,” he said.