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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.
FOREX: Ringgit Closes Slightly Higher Against U.S. Dollar
KUALA LUMPUR, Oct 29 (Bernama) -- The ringgit was traded slightly higher against the US dollar at close Wednesday as market players bought the local currency on commercial demand, dealers said.
At 5pm, the ringgit appreciated to 3.5775/5825 against the greenback from 3.5790/5830 yesterday.
However, a dealer said the movement could be temporary due to weakening economic conditions globally which had influenced the movement of major currencies.
Meanwhile, the ringgit was mostly lower against other major currencies.
The ringgit depreciated against the Singapore dollar at 2.3834/3885 from yesterday's close of 2.3735/3780 and rose against the Japanese yen at 3.6677/6740 versus 3.7814/7873 previously.
The local note however declined against the euro at 4.5667/5745 from yesterday's close of 4.4664/4721 and decreased against the British pound at 5.7447/7542 from 5.5706/5786 previously.
31-10-2008:- Ringgit rises most since dollar peg ended; bonds fall
by David Yong
KUALA LUMPUR: The ringgit rose by the most yesterday since the currency’s peg was scrapped in 2005 on speculation interest rate cuts by central banks in the US, China, Hong Kong and Taiwan will revive demand for emerging market assets. Bonds fell.
The currency traded near the strongest in a week as Asian stocks advanced for a third day. The Federal Reserve on Wednesday lowered its target rate for overnight loans between banks for a sixth time this year and agreed to provide US$30 billion (RM107.1 billion) each through swap lines to South Korea, Singapore, Brazil and Mexico.
“The concerted rate cuts are meant to help boost the global economy given the likely slowdown ahead,’’ said Wan Murezani Mohamad, a senior analyst at Malaysian Rating Corp here. “We could see a fleeting improvement in risk appetite as the sources of the current crisis, such as a US housing slump, remain problematic.’’
The ringgit jumped 1.4% to 3.5325 per dollar as of 5.34pm, according to data compiled by Bloomberg. It reached 3.5273, the highest since Oct 22.
The Fed cut its target rate by half a percentage point to 1%, matching a half-century low, in an effort to avert a recession. China reduced its one-year lending rate to 6.66% from 6.93% and Taiwan cut its discount rate for 10-day loans to 3% from 3.25%.
Ten-year notes fell for a fifth day as investors demanded higher returns to buy the new securities at a debt auction yesterday after a six-week rally pushed benchmark yields close to the lowest since June.
The yield on the 4.24% note maturing in February 2018 rose 8 basis points to 4.28%, the highest in more than three weeks, according to Bursa Malaysia Bhd. The price dropped 0.58, or RM5.80 per RM1,000 face amount, to 99.7. A basis point is 0.01 percentage point.
The government sold RM3.5 billion of 2018 notes that comply with syariah law, or notes that meet an Islamic ban on interest, at an average yield of 4.295%, Bank Negara Malaysia announced on its website.
The securities were traded in pre-auction to yield 4.30%, according to Amanah Butler Sdn, the nation’s biggest money broker, versus 4.265% on Wednesday. — Bloomberg
KUALA LUMPUR, Nov 3 (Bernama) -- The ringgit closed higher against the US dollar today in line with the gains in regional currencies, dealers said.
At 5pm, the ringgit strengthened against the greenback at 3.5210/5260 from last Friday closing of 3.5460/5510.
The dealers said that Asian currencies traded higher today, boosted by the rally in regional stock markets.
They said that expectation of the central banks of Australia, Britain and Europe cutting interest rates encouraged investors to snap up regional stocks.
In late trade today, the ringgit was mixed against other major currencies.
The local unit was lower against the Singapore dollar at 2.3947/4004 from 2.3890/3945 last Friday but it appreciated against the Japanese yen at 3.5465/5526 from 3.6594/6665 previously.
The ringgit weakened against the euro at 4.5122/5193 from 4.5058/5135 last Friday but it was higher against the British pound at 5.7104/7199 from 5.7587/7686 previously.
04-11-2008:- Ringgit gains as political risks ebb
by David Yong
KUALA LUMPUR: Malaysia’s ringgit advanced on speculation an end to power struggles will reduce political risk and increase demand for the nation’s assets. Bonds gained.
Deputy Prime Minister Datuk Seri Najib Razak on Sunday said he secured enough nominations to win the presidency of Umno uncontested, paving the way for him to become the country’s sixth prime minister in March.
“The leadership transition is clearer now and that should instill confidence and reduce some political risk attached to investing here,’’ said Yeah Kim Leng, chief economist at RAM Holdings Bhd. “Some form of certainty is always good for the market and he can now focus on thrusting forward his economic plans.’’
The ringgit gained 0.7% to 3.5200 per US dollar as of 12.02pm, according to data compiled by Bloomberg. The currency declined 3% last month, reaching 3.6005 on Oct 28, the lowest since December 2006.
Nine of Asia’s 10 most-active currencies outside Japan gained as regional stocks rallied. South Korea announced a 14 trillion won (US$10.8 billion or RM38.1 billion) fiscal stimulus and India on Nov 1 cut its benchmark interest rate for a second time in as many weeks to revive growth.
Najib will take over an economy that will expand as little as 2% next year, Singapore’s Straits Times reported yesterday, citing unidentified government officials.
Najib, who is also finance minister, last month said he would cut the official 2009 growth forecast of 5.3% today. The government estimates Southeast Asia’s third-largest economy will grow 5.6% in 2008. — Bloomberg
