KUALA LUMPUR (Sept 13): AmBank Group Research expects the ringgit (MYR) to trade between its support level of 4.1365 and 4.1346 while the resistance holds at 4.1467 and 4.1495.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR fell 0.02% to 4.147 against the dollar.

He said the KLCI closed 0.77% lower at 1785.3 and reported a net foreign outflow of RM349.8 million.

“Meanwhile, the 5- and 7-year Malaysian Government Securities (MGS) yields remained unchanged at 3.840% and 4.075%, respectively while the 10-year MGS yields rose 1.0 basis point to 4.170%.

“Crude oil namely WTI and Brent rose 1.62% to US$70.37/barrel and 0.86%% to US$79.74/barrel respectively after EIA reported a decline in 5.3 million barrels in US crude oil inventories last week.

“The MYR dropped against its regional peers ie. down 0.06% to 3.013 against the Singapore dollar, 0.21% to 7.889 against Thai baht while gained 0.19% to 3576.70 against rupiah and 0.17% to 13.041 against peso. Meanwhile Chinese Yuan rose 0.31% to 6.852 against the weaker dollar,” he said.