Ringgit to trade between 4.2304 and 4.2482 vs USD today, says AmBank Research

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KUALA LUMPUR (Oct 24): AmBank Research expects the ringgit (MYR) to trade between 4.2304 and 4.2482 versus the US dollar (USD) today.

In its AmBankFXDaily today, the research house said MYR fell by 0.29% to 4.2373 against USD could be partly due to some selling in the 5-year and 10-year Malaysian Government Securities (MGS) with yields up 8 basis points (bps) to 3.695% and 6.5bps to 3.985% respectively though the FBM KLCI gained 0.82 points to end at 1741.47.

It said some pressure on MYR could have come from the mixed crude prices with WTI up 0.56% to US$51.86bpd while Brent fell 0.71% to US$57.34bpd.

“Meanwhile, MYR fell across its regional peers like Singapore Dollar (-0.04% to 3.1083), Rupiah (-0.11% to 3196.06), Baht (0.33% to 7.8302), and Peso (0.23% to 12.1589),” it said.