As at 9.11am today, the local note was quoted at 4.2830/2880 compared with 4.2830/2890 yesterday. — Bernama pic
KUALA LUMPUR, July 3 ― The ringgit opened unchanged against the US dollar today amid a quiet market, in line with other Asean currencies.AxiCorp global chief market strategist Stephen Innes said the major problem for the ringgit is the enduring safe-haven appeal for the dollar as it pertains more generally to Asia risk due to the geopolitical concerns in Hong Kong and the omnipresent fear of a Covid-19 resurgence.
“I was hoping for much higher oil prices this week but while things are moving at the right direction, prices are struggling at the current level and the ringgit needs a higher break-even than current prices to push it below 4.25. “I suspect the July 4 long weekend will be in full swing in Asia trade today, so I expect another lazy day for the ringgit unless we get something completely unexpected in the headlines,” he added.The local note rose against the British pound to 5.3370/3450 from 5.3597/3690 yesterday and strengthened versus the Singapore dollar to 3.0685/0738 from 3.0751/0799.
The ringgit was also stronger vis-a-vis the Japanese yen to 3.9823/9881 from 3.9857/9924 yesterday but was lower against the euro at 4.8145/8214 from 4.8007/8068. ― Bernama
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