AmBank Research expects ringgit to trade between 4.2117 and 4.2429 vs USD today

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KUALA LUMPUR (Oct 11): AmBank Reseach expects the ringgit (MYR) to trade between a range of 4.2117 and 4.2429 versus the US dollar (USD) today.

In its AmBankFXDaily note today, the research house said the MYR closed higher by 0.29% to 4.2195 against USD, supported by rising oil price with WTI up 2.7% to US$50.94 per barrel (pb) and Brent gained by 1.4% to US$56.56 pb after Saudi Arabia announced it will trim its oil exports by 560,000 barrels in November.

“Besides, though the 10-year Malaysian Government Securities (MGS) fell by 2.0 basis points (bps) to 3.90%, the 5-year MGS stayed unchanged at 3.60% with the FBM KLCI having lost 2.90 points to 1761.13.

“Meanwhile, we noticed MYR strengthened against IDR by 0.26% to 3202.28 and peso by +0.72% to 12.1997 with marginal gain from baht by +0.001% to 7.8857 but fell against SGD by -0.31% to 0.3212. Meanwhile, the 5-year CDS gained by 0.18bps to 65.97,” it said.