Ringgit extends gains to open higher against USS


Modified 2 Jul 2018, 2:43 am

The ringgit extended gains from last week to open higher against the US dollar today, in line with most Asian currencies as more investors shifted interest towards regional assets, dealers said .

At 9.45 am, the ringgit was quoted at 4.0350/0400 against the US dollar compared with 4.0380/0410 on Friday.

A dealer said that there was some profit taking activities in the greenback from last week, which lent support to the ringgit, in recovering lost ground.

Meanwhile, the local unit traded mixed against a basket of currencies.

It rose against the Singapore dollar to 2.9578/9632 from 2.9624/9650 and strengthened against the yen to 3.6397/6446 from 3.6487/6524 on Friday.

The ringgit, however, weakened against the British pound to 5.3230/3312 from 5.3092/3147 and was lower against the euro at 4.7076/7139 from 4.7043/7082.

Short-term rates to remain steady

Meanwhile, short-term rates are expected to remain steady today on Bank Negara Malaysia’s (BNM) operations to absorb surplus liquidity from the financial system.

Today's liquidity is estimated at RM39.93 billion in the conventional system and RM16.03 billion in Islamic funds.

The central bank will conduct three conventional money market tenders comprising RM3 billion each for seven days and 14 days, as well as RM2 billion for 21 days.

It will also issue four Qard tenders comprising RM900 million for seven days, RM800 million for 14 days, RM100 million for 21 days and RM2.2 billion for 28 days.

At 4 pm, it will conduct an up to RM31.9 billion in conventional overnight tender and a RM12.1 billion Qard.

- Bernama

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