Friday 29 Mar 2024
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KUALA LUMPUR (Nov 21): AmBank Group Research said the ringgit (MYR) is likely to trade between its support level of 4.1855 and 4.1876 while the resistance is pinned at 4.1921 and 4.1946.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR edged up by 0.08% to 4.188 against USD.

Dass, who is also adjunct professor in economics at University of New England, Sydney, Australia, said the KLCI closed higher by 0.25% to 1710.7.

“In the bond market, the 3-year and 10-year Malaysian Government Securities yields remain unchanged at 3.685% and 4.145% while 5-year and 7-year yields rose 1-2 basis points to 3.860% and 4.065%, respectively.

“In the commodity space, Brent fell 6.38% to US$62.53/bbl while WTI dropped by 5.87% to US$53.43/bbl, snapping the four days of gains.

“Meanwhile, the MYR rose against most of its regional peers. It rose by 0.18% against Thai Baht to 7.898, up by 0.27% against the Rupiah to 3493.1 and closed higher by 0.03% against SGD to 3.051. Yet, it depreciated by 0.14% against the Peso to 12.53,” he said.

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