Friday 29 Mar 2024
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KUALA LUMPUR (Oct 4): AmBank Group Research expects the ringgit (MYR) to trade between its support level of 4.1368 and 4.1391 while the resistance is pegged at 4.1473 and 4.1510.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR ended 0.02% lower to 4.141 against the dollar.

He said the KLCI closed slightly higher at 1,798.5 with net foreign inflow of RM83.8 million.

Dass said traded volume in bond market continued to be soft as most traders chose to remain on the sidelines until they could see the next trend.

“All 3-, 5-, 7-,10- Malaysian Government Securities yields ended flat at 3.62%, 3.77%,3.98% and 4.07%.

“Meanwhile, crude oil continued the rally with EIA reported an inventories increase close to 8mil barrel in a week, the largest increase since March 2017.

“Brent and WTI gained 1.76% and 1.57% to US$86.29/barrel and US$76.41/barrel, respectively amid reports saying that Russia and Saudi Arabia have “struck a private deal” to increase oil production in order to keep the prices low.

“The ringgit gained against major Asean currencies, gaining 0.56% against Thai baht to 7.856 and 0.24% against the rupiah at 3641.8. MYR closed 0.05% lower against both Singapore Dollar and Peso, at 3.011 and 13.11,” he said.

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