The local currency is breaking through key technical resistance levels, says analyst.
SPI Asset Management managing partner Stephen Innes said the US dollar’s status as a default safe-haven currency is increasingly being reassessed, prompting investors to explore opportunities in regional currencies such as the ringgit.
“The current low-volatility environment is encouraging greater risk appetite, particularly for emerging market currencies.
“Notably, the ringgit, often considered a regional laggard, is breaking through key technical resistance levels despite Malaysia offering comparatively lower yields than some other emerging market peers,” he told Bernama.
“In our region, the Korean won, Thai baht and ringgit were among the top performers,” he added.
At 6pm, the local note rose to 4.1995/4.2005 versus the greenback from yesterday’s close of 4.2060/4.2130.
At the close, the ringgit traded lower against a basket of major currencies.
It depreciated against the Japanese yen to 2.9351/2.9389 from 2.9156/2.9206, eased versus the British pound to 5.7797/5.7866 from 5.7597/5.7693, and fell against the euro to 4.9566/4.9625 from 4.9290/4.9372 yesterday.
The local note traded mixed against its Asean counterparts.
It strengthened against the Indonesian rupiah to 258.9/259.4 from 259.0/259.5 and rose against the Philippine peso to 7.45/7.46 from 7.46/7.48 previously.
However, it shed vis-à-vis the Singapore dollar to 3.3015/3.3059 from 3.2986/3.3034 and shrank against the Thai baht to 12.9363/12.9585 from 12.9356/12.9627 yesterday. - FMT
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