Thursday 5 October 2023

RHB Bank Breaks the Ringgit Bond

RHB Bank has broken the Ringgit bond trades among local banks by pricing the Malaysian Ringgit against the US Dollar closer to the RM5 mark.

RHB Bank has priced the Ringgit against the US Dollar at VIEW : RM4.9120 for the purchase of a single US Dollar.

ON the spot market,  the Ringgit is trading at RM4.73 against the US Dollar, merely two sen less than its historical low of RM4.75 against the US Dollar which had sunk in on November 4 2022.

ELSEWHERE  the likes of Maybank and CIMB have priced the Ringgit at between RM4.794 and RM4.78  against the US Dollar.

WITH the READ: US interest rates at its highest level in more than two decades, the heat will certainly be on central banks in Asian countries to either exceed the US interest rate regime or be exposed to another round of capital flight .

REUTERS  meanwhile is reporting that the short bets on Asian currencies such as the Sing Dollar and the Malaysian Ringgit are at record levels. READ :Bearish bets on Asian currencies firm on hawkish Fed rhetoric, rate woes