Friday 29 Mar 2024
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KUALA LUMPUR (Nov 13): AmBank Group Research foresees the ringgit (MYR) trading between its support levels of 4.1720 and 4.1769 while the resistance is pinned at 4.1919 and 4.2002.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR depreciated by 0.22% to 4.188 against the USD, pushing closer to the 4.20 resistance level.

He said the KLCI lost 0.70% to 1,696.1 partly due to the weaker oil outlook.

“Meanwhile in local bond market, the 3-year Malaysian Government Securities (MGS) was up 2.0 basis points (bps) to 3.690% while the 5-year edged 2.0bps higher at 3.825% and 7-year gained 1.5bps to 4.015%.

“The 10-year MGS rose the most i.e. 3.0bps to 4.130%. In the commodity space, crude oil’s losing trend carried on amid OPEC’s consideration of cutting future output to curb price slump.

“Brent eased by 0.09% to US$70.12/barrel while WTI fell 0.43% to US$59.93/barrel. WTI marked its longest losing streak of 11th day drop consecutively,” he said.

Dass said the MYR appreciated against the majority of its regional peers. It rose by 0.06% against the Thai baht to 7.915, strengthened 0.75% against the rupiah at 3538.7 but down 0.16% at 12.71 against the peso.

“The MYR ended 0.16% higher against the SGD at 3.028,” he said.

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