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Tuesday, 2 January 2018

Retreats 2018 #Ringgit; appreciated Singapore dollar; rose yen; higher British pound; advanced euro

Malaysia: The ringgit remained on its firm trajectory as it enters the new year, opening higher against the underperforming greenback this morning on better demand for the local note amid higher global oil price.
At 9 am, the local unit stood at 4.0370/0400 against the greenback from 4.0440/0500 at the close on Friday.
A dealer said the dollar continued to endure subdued demand after hitting a three-month low against a basket of its peers on Friday and experienced losses for 2017 to 9.8 per cent, its worse performance since 2003.
As market commences today, the benchmark Brent crude was trading at US$66.70 a barrel, up 0.82 per cent.
Meanwhile, the ringgit was traded higher against a basket of major currencies.
It appreciated against the Singapore dollar to 3.0235/0260 from 3.0265/0323 on Friday and rose against the yen to 3.5808/5844 from 3.5912/5968 previously.
The ringgit advanced against the euro to 4.8517/8557 from 4.8451/8535 on Friday and was higher against the British pound at 5.4552/4609 from 5.4602/4687 previously.
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