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Tuesday, 17 April 2018

Ringgit received mild buying support from locals market it's positioning itself for a stronger & re-engage for RM positions.

Malaysia: The ringgit opened slightly higher against the US dollar on buying support for the local note, a dealer said.
At 9.01 am, the ringgit was quoted at 3.8850/8900 from Monday’s close of 3.8865/8905.
The dealer said the ringgit received some mild buying support from locals ahead of the 14th General Election (GE14).
“The market is positioning itself for a stronger ringgit into the election, so with a base forming around 3.87, the logical move it to reduce shorts and wait for the better level to re-engage long RM positions.
“So, we should expect the US dollar/RM to trade within and continue to revert to the upper levels of the current ranges,” he added.

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