KUALA LUMPUR, Sept 24 — The ringgit extended yesterday’s gains against the US dollar as the greenback — a safe haven currency — retreated amid risk-on mode.Bank Islam chief economist Dr Mohd Afzanizam Abdul Rashid said the risk-on mode appears to be building its momentum today, which could be constructive for ringgit.
On another note, he said China’s Evergrande Group’s debt default fiasco also seemed to be contained, given the liquidity injection by the monetary authorities. Meanwhile, ActivTrades trader Dyogenes Rodrigues Diniz commented that the US dollar’s downward move was triggered by the release of the US’ Initial Jobless Claims data which came in above expectations at 351,000, which took a toll on the greenback.
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