Ringgit opens higher versus US dollar

THE ringgit opened higher versus the US dollar today due to a lack of demand for the greenback during the holiday season. 

At 9.01 am, the local note was traded at 4.4150/4200 against the US dollar from 4.4225/4260 at last Friday’s close. 

SPI Asset Management managing director Stephen Innes said that trading activity should be muted in the last week of the year, with the ringgit trading on a more favourable bias due to China fast-tracking its border reopening. 

“Although I expect slow trading this week, the ringgit could also improve if Asia’s risk sentiment continues to take a favourable read on last Friday’s relatively benign United States (US) Personal Consumption Expenditures (PCE) price index inflation print,” he told Bernama.

According to news reports, the US PCE was up by 4.7 per cent year-on-year (y-o-y) in November, but this was a step down from a five per cent gain in October.

Meanwhile, the ringgit was traded mixed against a basket of major currencies.

The local note had eased versus the Singapore dollar to 3.2803/2850 from last Friday’s close of 3.2754/2785 and fell against the euro to 4.6993/7046 from 4.6927/6964 previously. 

However, it had appreciated vis-a-vis the Japanese yen to 3.3186/3228 against 3.3352/3381 at the close last week and strengthened against the British pound to 5.3324/3385 from 5.3349/3391 previously.

The market was closed on Monday as Christmas was on Sunday. — Bernama / pic TMR