KUALA LUMPUR (Sept 25): Ambank Group Research expects the ringgit (MYR) to trade between its support level of 4.1180 and 4.1222 while the resistance holds at 4.1350 and 4.1403.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said MYR rose 0.04% to 4.129 against the dollar.

He said the KLCI fell 0.58% to close at 1800.2 with a net foreign outflow of RM10.6 million.

“Besides, the 5-year Malaysian Government Securities (MGS) yields remained unchanged at 3.755% while 7- and 10-year MGS yields rose 2 basis points (bps) and 1bps to close at 3.980% and 4.095%.

“Crude oil prices i.e. WTI and Brent rose 1.84% and 3.29% to US$72.08/barrel and US$81.39/barrel, respectively after the OPEC and its allies refused to agree to a production hike during the weekend summit, fueling supply concerns as US sanctions on Iran threaten to reduce oil supply by 1 million barrels/day.

“The MYR gained against its regional peers, up 0.02% against the sing dollar to 3.028, rupiah by 0.37% to 3600.4, baht by 0.04% to 7.854 and up 0.28% against peso to 13.14. Meanwhile, Chinese market is closed for mid-Autumn festival,” he said.