Ringgit fundamentals still intact despite a minor easing

The ringgit fundamentals are still intact, despite a minor easing at 10 am on US oil production news, said a dealer.

At 10 am, the ringgit was quoted at 4.3755 against the greenback from 4.2670 at today's opening, but it bounced back to 4.3745 at 11.21 am.

Maybank Investment Bank Bhd Dealer Representative Assistant Manager Ahmad Ruim Mohd Noor told Bernama the slight sell-offs were triggered by the US policy on oil production, whereby the country would want to focus on oil production, particularly shale oil for its own usage.

"This decision on US oil production has impacted oil producing countries, such as Malaysia," he said.

Ahmad Ruim said the ringgit, however, has subsided and stabilised after opening higher against the US dollar today.

He said the foreign currency exchange rates in Malaysian banks are still stable, as prices offered on other currencies are still relatively low.

Other Asian currencies also face the same fate, with the rupiah going down 2.7 per cent to 13,495 against the dollar at 9.47 am.

-- BERNAMA