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At 9.01am, the local note was trading at 4.1800/1845 versus the greenback compared with 4.1800/1840 at yesterday’s close. — Picture by Shafwan Zaidon
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KUALA LUMPUR, March 9 ― The ringgit opened flat against the US dollar today despite the higher crude oil prices.
At 9.01am, the local note was trading at 4.1800/1845 versus the greenback compared with 4.1800/1840 at yesterday’s close.
SPI Asset Management managing partner Stephen Innes said the ringgit was somewhat insulated by a relatively strong China impulse, as well as the very strong possibility of China easing its Covid-19 restrictions which could, in turn, boost Malaysia's tourism sector.
“The other good thing is that a healthy yuan is buttressing the ringgit with a bit of a haven appeal,” he told Bernama, adding that the market should be worried about stagnation, which would not bode well for exporters.
“That said, Malaysia is an oil exporter. Still, in economic terms, higher oil prices are harmful to global growth.
“In my opinion, that produces tremendous currency angst for the ringgit and provides a significant negative offset to higher oil prices,” added Innes.
At the time of writing, Brent crude advanced 3.87 per cent to US$128 per barrel amid import bans imposed by the United States on oil and gas from Russia.
Meanwhile, the ringgit was traded mostly higher against a basket of major currencies.
The domestic units strengthened against the yen to 3.6078/6120 from 3.6159/6197 at the close on Tuesday, and advanced against the British pound to 5.4796/4855 from 5.4837/4890 yesterday.
It rose against the Singapore dollar to 3.0636/0674 from yesterday’s 3.0656/0688, but declined against the euro to 4.5621/5670 from 4.5508/5551 previously. ― Bernama