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FOREX: Ringgit Closes At 21-month Low Against U.S Dollar
KUALA LUMPUR, Oct 16 (Bernama) -- The ringgit extended its losses today to close at a 21-month low against the US dollar on concerns over the uncertainties in the global market, dealers said.
At 5 pm, the ringgit weakened against the greenback at 3.5250/5280 from yesterday's closing of 3.5100/5150.
Dealers said the weaker performance of Asian stock markets, as well as Asian currencies, dampened the market sentiment.
They said players were reluctant to take a heavy position as they were worried about the global economic slowdown.
In late trading today, the ringgit traded mixed against other major currencies.
It was slightly higher against the Singapore dollar at 2.3805/3848 from 2.3869/3923 yesterday and lower against the Japanese yen at 3.5033/5077 from 3.4742/4809 previously.
The ringgit was firmer against the euro at 4.7454/7505 compared with 4.7676/7755 yesterday.But it weakened against the British pound at 6.0789/0858 from 6.1232/1337 previously.
22-10-2008:- Bonds drop as interest rates may hold; ringgit falls
by David Yong
KUALA LUMPUR: Malaysian bonds dropped on concern the central bank will refrain from cutting interest rates this week while the government considers additional spending to revive faltering economic growth. The ringgit weakened.
Three-year notes fell, lifting yields that had neared the lowest since June, as economists expect Bank Negara Malaysia to keep its overnight rate at 3.5% when policy makers meet on Friday. Interest-rate futures showed traders are pricing in a chance of rate cut only from March next year.
“It’s too early for a rate cut because inflation remains relatively high,’’ said Tan Voon Ching, a fixed-income analyst at OSK Investment Bank Bhd here. “There’s some selling’’ because bonds are approaching fair values, he said.
The yield on the 3.833% bond due in September 2011 rose 5 basis points to 3.74% as of 4.42pm in Kuala Lumpur, according to Bursa Malaysia Bhd. The price fell 0.147, or RM1.47 per RM1,000 face amount, to 100.253. A basis point is 0.01 percentage point.
OSK forecasts three-year securities to yield between 3.6% and 3.8%, Tan said. Bank Negara will keep its rate unchanged this week, according to 11 of 13 economists in a Bloomberg News survey. Two expect a cut to 3.25%. The overnight rate has been held since April 2006.
Inflation eased to 8.1% last month from a 26-year high of 8.5% in August, after the government cut retail fuel prices as crude prices plunged for a fourth month, a separate Bloomberg survey shows.
The ringgit fell 0.2% to near its lowest in almost two years on speculation slower growth will deter foreign investors from buying more local assets. The Kuala Lumpur Composite Index of stocks has lost 37% this year.
The currency traded at 3.5265 per dollar in Kuala Lumpur versus 3.5225 yesterday, according to data compiled by Bloomberg. The currency declined as low as 3.5305 yesterday, the weakest since December 2006.
The government plans to cut the growth forecast for 2009 on Nov 4 from a 5.4% target announced in August, Finance Minister Datuk Seri Najib Razak said yesterday. It may ease rules on foreign investments as part of plans to lessen the impact of the global financial crisis on the economy, he said. — Bloomberg
FOREX: Ringgit Weakens Against U.S. Dollar At Close
KUALA LUMPUR, Oct 22 (Bernama) -- The ringgit ended lower against the US dollar Wednesday amid signs that demand for the greenback was returning, dealers said.
They said the greenback had won back its attractiveness following the recent fall in commodity prices.
At 5pm, the ringgit was weak at 3.5450/5470 against the US dollar from the 3.5255/5285 recorded at Tuesday's closing.
"Investors are rushing again for the US dollar as they want to purchase commodities like gold and oil because of attractive prices now," a dealer said.
The dealer said the greenback also gained on expectations that interest rates outside the US would fall sharply to support global growth.She also stated investors are betting that a fading economic picture would see US interest rates outperform those of other major economies.
She said expectations that Bank Negara might cut the overnight policy rate when the Monetary Policy Committee meets this Friday, kept market players on the sidelines.
The ringgit, however, traded mostly higher against other major currencies.
It rose against the Singapore dollar at 2.3662/3686 from yesterday's 2.3786/3825 as well as against the euro at 4.5752/5792 from 4.6649/6696 previously.
The ringgit also appreciated against the British pound at 5.8092/8139 from 6.0117/0182 but lost ground against the yen at 3.5721/5752 from 3.4827/4867 previously.
FOREX: Buying Pressure On U.S. Dollar Pulls Down The Ringgit Further
KUALA LUMPUR, Oct 23 (Bernama) -- The ringgit fell further along with regional currencies against the US dollar amid a globally stronger greenback, dealers said.
They said the ringgit continued to feel the heat of an ebbing appetite for emerging market assets.
At 5pm, the ringgit stayed weak at 3.5690/5720 against the US dollar from 3.5450/5470 recorded at yesterday's closing.
Today, Asian currencies also fell to new multi-year lows against the dollar. Among them was the Indonesian rupiah which hit its lowest level in nearly three years and the Philippines peso which dropped to its weakest point since early 2007.
A dealer said buying pressure on the greenback pulled the ringgit down to its lowest level in nearly two years and this is likely to keep it weak at 3.56-3.58.
However, any further downtrend would invite a possible intervention by Bank Negara Malaysia and the selling of US dollar holdings by exporters, the dealer added.
She said market players are on the sidelines as the focus is on Bank Negara's Monetary Policy Committee meeting tomorriow as well as the release of the consumer price index for September.
The ringgit was also traded lower against the other major currencies.It lost ground against the Singapore dollar at 2.3752/3793 from yesterday's 2.3662/3686 and also against the euro to 4.5776/5829 from 4.5752/5792.
Against the British pound, it was also weaker at 5.8207/8266 from 5.8092/8139, as well as against the yen at 3.6497/6535 from 3.5721/5752 previously.
KUALA LUMPUR, Oct 24 (Bernama) -- The ringgit fell further versus the US dollar as market players continued to sideline ahead of Bank Negara's monetary policy meeting today to discuss the possibility of interest rate cut, dealers said.
As at 5.01 pm, the ringgit was quoted at 3.5790/5840 against the greenback from 3.5690/5720 recorded at Thursday's closing.
During trade Friday, the local note also eased to the lowest level for this year of 3.58 at 3.53pm.
Dealers said it was time for the central bank to cut OPR to allow more liquidity in the market.
The central bank has been keeping the overnight policy rate (OPR) at 3.5 percent for quite some time, they said.
Against other major currencies, ringgit was mostly higher.
It rose against the Singapore dollar to 2.3713/3765 from Thursday's close of 2.3752/3793 and higher against the euro to 4.4927/5004 from 4.5776/5829 previously.
Against the British pound, it also appreciated to 5.5503/5599 from 5.8207/8266 previously while declined against the yen to 3.8422/8500 from 3.6497/6535.
KUALA LUMPUR, Oct 28 (Bernama) -- The ringgit was traded flat against the US dollar at close on Tuesday amid losses capped by the selling of the greenback holdings by exporters, dealers said.
At 5pm, the ringgit was little changed at 3.5790/5830 against the greenback from last Friday's closing of 3.5790/5840.
However, a dealer said the ringgit is likely to further weaken to the 3.60 level this week amid the uncertainty on the global front, triggered by investors seeking to liquidate their position.
Against the other major currencies, the ringgit was mixed, depreciating against the Singapore dollar at 2.3735/3780 from last Friday's 2.3713/3765 as well as against the British pound at 5.5706/5786 from 5.5503/5599.
However, compared with the yen, the ringgit appreciated at 3.7814/7873 from 3.8422/8500 and also rose against the euro at 4.4664/4721 from 4.4927/5004 previously.
