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Currency Ringgit tracks Asian share gains as China slows yuan depreciation
by Cals Thu 13 Aug 2015, 12:07
Currency
Ringgit tracks Asian share gains as China slows yuan depreciation
KUALA LUMPUR (Aug 13): The ringgit strengthened against the US dollar and the euro after China slowed the yuan depreciation pace.
The ringgit, which weakened past the 4.0000 level against the US dollar yesterday, strengthened to 3.9965 today.
AmBank FX Research expects the US dollar and the ringgit to trade in the range of 3.9800 to 4.0250 today.
"If the resistance of 4.0600 is breached, we expect the ringgit to trade higher at 4.1000. If the support of 3.9800 is broken, the next support is at 3.9660," AmBank FX said.
Compared to the euro, the ringgit changed hands at 4.4563. The ringgit, however, weakened against the Singapore dollar at 2.8629, and compared to the Australia dollar, the ringgit was transacted at 2.9541.
Global foreign exchange dynamics came amid Asian share gains. Reuters reported that Asian shares extended early gains on Thursday, taking heart from a late recovery on Wall Street and from efforts by China's central bank to slow the sharp descent of the yuan.
Losses for the currency early Thursday were slight after the central bank set a midpoint that was again lower than the previous day's, but not as weak as some feared.
The People's Bank of China set its midpoint rate at 6.4010 per dollar prior to market open, weaker than the previous fix of 6.3306.
Ringgit tracks Asian share gains as China slows yuan depreciation
KUALA LUMPUR (Aug 13): The ringgit strengthened against the US dollar and the euro after China slowed the yuan depreciation pace.
The ringgit, which weakened past the 4.0000 level against the US dollar yesterday, strengthened to 3.9965 today.
AmBank FX Research expects the US dollar and the ringgit to trade in the range of 3.9800 to 4.0250 today.
"If the resistance of 4.0600 is breached, we expect the ringgit to trade higher at 4.1000. If the support of 3.9800 is broken, the next support is at 3.9660," AmBank FX said.
Compared to the euro, the ringgit changed hands at 4.4563. The ringgit, however, weakened against the Singapore dollar at 2.8629, and compared to the Australia dollar, the ringgit was transacted at 2.9541.
Global foreign exchange dynamics came amid Asian share gains. Reuters reported that Asian shares extended early gains on Thursday, taking heart from a late recovery on Wall Street and from efforts by China's central bank to slow the sharp descent of the yuan.
Losses for the currency early Thursday were slight after the central bank set a midpoint that was again lower than the previous day's, but not as weak as some feared.
The People's Bank of China set its midpoint rate at 6.4010 per dollar prior to market open, weaker than the previous fix of 6.3306.
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