KUALA LUMPUR (Sept 19): Ambank Group Research expects the ringgit (MYR) to trade between its support level of 4.1332 and 4.1370 while the resistance is pinned at 4.1473 and 4.1507.

In his AmBankFXDaily note today, AmBank Group chief economist and head of research Dr Anthony Dass said the MYR fell 0.12% to 4.138 against the dollar.

He said the KLCI dropped 0.60% to close at 1792.9 with a net foreign outflow of RM1.1 million.

“The 3-year Malaysian Government Securities (MGS) yields slipped 1 basis point (bps) to 3.610% while the 7-year MGS yield fell 1.5 bps to 4.000%.

“But the 10-year MGS yields rose 0.5bps to 4.120%, respectively. Crude oil prices i.e. WTI and Brent gained 1.36% and 1.26% to US$69.85/barrel and US$79.03/barrel, lifted by Saudi Arabia’s comments that they are comfortable with the oil price rises above US$80/barrel ahead of OPEC meeting in Algeria.

“The MYR gained 0.45% to 3.026 against the Singapore dollar, lost 0.27% to 3585.4 against rupiah, 0.31% to 13.06 against peso while fell 0.19% to 7.86 against baht. Meanwhile, Chinese Yuan traded slightly lower of 0.07% to 6.862 against the dollar,” he said.