KUALA LUMPUR – The ringgit kicked off the month of October stronger against the US dollar, thanks to bullish oil prices and risk sentiment.
At 9.05am, the local unit surged to 4.1450/1500 versus the greenback from 4.1530/1580 at Wednesday's close.
AxiCorp chief global market strategist Stephen Innes said a sturdy beta to the yuan, as well as stabilising local equity market should continue to push the local note higher.
"China's Golden Week suggests reigning in your bullish ambition, but there is certainly no need to cash in your long ringgit positions just yet," he added.
The eight-day Golden Week holiday began today.
It was reported the yuan remained steady after positive manufacturing activities expanded in September, with the official Manufacturing Purchasing Manager’s Index (PMI) for the month came in at 51.5 compared to 51.0 in August.
At home, the ringgit was traded mixed against other major currencies.
It fell against the Singapore dollar at 3.0355/0398 from 3.0316/0361 at yesterday's close and dropped against the British pound to 5.3545/3614 from 5.3283/32640.
The local currency, however, rose against the euro at 4.8567/8630 from 4.8619/8694 and advanced versus the yen to 3.9282/9333 from 3.9290/9349. – Bernama, October 1, 2020
