KUALA LUMPUR (Sept 26): AmBank Group Research expects the ringgit (MYR) to trade tight between its support level of 4.1212 and 4.1271 while the resistance holds at 4.1419 and 4.1472.

In his AmbankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said MYR fell 0.21% to 4.138 against the dollar.

He said the KLCI fell 0.32% to close at 1794.5 with a net foreign outflow of RM199.4 million.

“But the 5- and 10-year Malaysian Government Securities (MGS) yields rose 2.5 basis points (bps) and 1.5bps to close at 3.780% and 4.110% while the 7-year MGS yields remained unchanged at 3.980%.

“Crude oil prices i.e. WTI and Brent rose 0.28% and 0.83% to US$72.28/barrel and US$81.87/barrel, respectively despite API reported an inventory build of 2.903 million barrels last week.

“The MYR’s performance against its regional peers is mixed with, down 0.02% against the sing dollar to 3.029, depreciated by 0.28% against baht to 7.832 while rose against rupiah by 0.14% to 3605.4 and peso by 0.02% to 13.14.

“Meanwhile, Chinese Yuan depreciated by 0.15% to 6.868 against the dollar following market reopened after the mid-autumn celebration,” he said.