Malaysia: Ringgit opens unchanged against US dollar

• Mar 22, 2019

KUALA LUMPUR: The ringgit opened unchanged against the US dollar today as investors awaited the release of the Consumer Price Index (CPI) for February by the Department of Statistics later in the day.

At 9 am, the local currency was traded at 4.0600/0650.

A dealer said as the previous CPI showed the country facing deflation, the data to be released, is crucial to determine if the situation would be temporary or prolonged.

“With the global economy slowing down, investors are being extra diligent before investing,” he told Bernama.

According to the January CPI release, Malaysia’s economy swung into deflation for the first time since the global financial crisis in 2009 as fuel prices dropped.

However, the dealer said the previous deflation reading back in 2009 was when oil prices dropped below US$50 per barrel. In the current scenario, oil prices have very much stablised in ranging between US$67 to US$70 per barrel.

As of 9 am, benchmark Brent crude was recorded at US$67.66 per barrel.

Meanwhile, the ringgit also traded higher against a basket of other major currencies.

It improved against the Japanese yen to 3.6659/6708 from 3.6745/6801 and rose versus the euro to 4.6154/6215 from 4.6304/6374 on Thursday.

The ringgit also appreciated versus the Singapore dollar to 3.0087/0129 from 3.0125/0167 and advanced against the British pound to 5.3267/3353 from 5.3470/3552. – Bernama

Source: https://www.thestar.com.my/business/business-news/2019/03/22/ringgit-opens-unchanged-against-us-dollar/#ILJVomDjIfLFgXkH.99