MYR was virtually unchanged against the dollar from the previous week, closing at RM4.740 last Friday. Despite the strength in dollar, the local currency gained following encouraging regional trade performance.
Beyond USDMYR, our money managed to gain against the currencies of Malaysia’s major trading partners and regional currencies as MIDF’s Trade-Weighted Ringgit Index rose by +0.2%wow to 85.35, with significant gains against the Japanese yen.
The local currency’s performance was not so much influenced by the commodity price movement, despite further fall in the Brent crude oil prices by -0.2%wow to USD82.79pb.
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We expect the benchmark to trade within the 1,725–1,740 range today.
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