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Thursday, 26 October 2017

Changes in the US Federal Reserve’s leadership, #Investors' sentiment towards emerging market.


Malaysia: The ringgit rebounded from yesterday's losses to open higher against the US dollar today over speculation on changes in the US Federal Reserve's leadership.
At 9am, the local unit was traded at 4.2310/2340 versus the greenback, from Wednesday's close of 4.2340/2370.
A dealer said concerns over the new Fed Chair appointment had shifted investors' sentiment towards emerging market currencies. However, he noted that some investors are staying on the sidelines for fresh leads ahead of the 2018 Budget, which will be tabled at the Dewan Rakyat tomorrow.
The ringgit was traded lower against other major currencies.
It fell against the Singapore dollar to 3.1101/1130 from 3.1055/1079 yesterday, and weakened against the yen at 3.7228/7265 from yesterday's close of 3.7069/7105. The local note slipped against the British pound to 5.6128/6181 from 5.5902/5962 on Wednesday, and was lower against the euro at 5.0002/0042 from 4.9817/9869 yesterday.

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