KUALA LUMPUR – The ringgit was a relative outperformer against the US dollar at the close today, said Oanda Asia-Pacific senior market analyst Jeffrey Halley, as most Asian currencies retreated versus the greenback.
As at 6pm, the ringgit was traded higher against the US dollar at 4.1390/1440 compared with 4.1445/1485 at Friday’s close.
Halley said the local note’s performance was even more impressive given the 2.0% dip in oil prices in Asia following news that giant container ship The Ever Given has been moved in the Suez Canal.
“The ringgit could be benefiting from international portfolio inflows as part of quarter-end rebalancing exercises, as local markets become increasingly attractive as both a yield and recovery play.”
As at the time of writing, benchmark Brent crude oil fell 0.02% to US$64.56 (RM267.38) per barrel.
Axi chief global market strategist Stephen Innes said although the Egyptian authorities reported that The Ever Given, a 400m-long vessel that blocked the Suez Canal for a week, has been partially refloated, it does not mean the canal is open for business.
“Instead, it means the canal may sooner be available for business, and global trade can start flowing again.”
The Ever Given became wedged in the canal on March 23 amid high winds. The incident has blocked traffic in the waterway, leaving hundreds of cargo ships waiting in line.
The ringgit, meanwhile, was traded higher against other major currencies, except the British pound.
It improved against the Singapore dollar to 3.0744/0792 from 3.0778/0814 at Friday’s close, and rose against the yen to 3.7768/7817 from 3.7853/7900.
It gained vis-a-vis the euro to 4.8733/8800 from 4.8872/8927 on Friday, but eased against the British pound to 5.7247/7320 from 5.7153/7224 previously. – Bernama, March 29, 2021
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