Ringgit extends upbeat momentum versus the US dollar

Despite its positive turn against the greenback, the local note traded lower against other major currencies

THE ringgit extended its upbeat momentum to open higher against the US dollar today, backed by anticipation that the US Federal Reserve (Fed) would ease its interest rate hikes, said an analyst. 

At 9am, the local note rose to 4.4150/4200 against the US dollar from yesterday’s closing of 4.4180/4215.

SPI Asset Management MD Stephen Innes said the anticipation was driven by the higher-than-expected weekly jobless claims in the US, which saw the local and the overnight US stocks trading higher as sentiments rebounded. 

“Besides, the ringgit’s appreciation is also likely due to the absence of any negative headlines from locales, where Chinese travellers are arriving fresh from three years of forced travel hiatus,” Innes told Bernama.

However, despite its positive turn versus the US dollar, the ringgit traded lower against a basket of major currencies.

The local note depreciated vis-a-vis the Japanese yen to 3.3336/3379 from yesterday’s closing of 3.3061/3090 and fell marginally against the euro to 4.7090/7144 from yesterday’s 4.7078/7116.

The ringgit also eased against the British pound to 5.3258/3318 from yesterday’s closing of 5.3255/3297 and slipped versus the Singapore dollar to 3.2864/2904 from 3.2770/2800 previously. — Bernama