KUALA LUMPUR (Sept 15): The ringgit stayed above the 4.52 level against the US dollar at the opening on Thursday (Sept 15), as the greenback continued its relentless rise towards an all-time high in response to the US’ latest bullish core producer price index (PPI) data.
At 9.05am, the local currency had slid to 4.5270/5305 against the greenback, from 4.5265/5285 at Wednesday’s close.
ActivTrades trader Dyogenes Rodrigues Diniz said the US PPI data recorded a higher-than-expected reading of 7.3% versus the 7.1% forecast.
“From the technical point of view, the last time the US dollar hit an all-time high against the ringgit was in November 2016, when it reached 4.5380. This is where the dollar should encounter temporary resistance,” he said.
The ringgit was also traded higher against a basket of major currencies, except for the yen, where it had eased to 3.1622/1649 from 3.1616/1635.
The local unit rose against the Singapore dollar to 3.2193/2223 from 3.2252/2268 on Wednesday, increased against the pound to 5.2178/2219 from 5.2331/2354, and gained against the euro to 4.5143/5178 from 4.5306/5326 previously.-BERNAMA