Ringgit opens higher against US dollar on first trading day of new year

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KUALA LUMPUR (Jan 4): The ringgit opened higher this morning versus the US dollar, denoting a decent evidence that it provides a guide to its performance for the year.

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Axi chief global market strategist Stephen Innes said the market continued to build in boatloads of optimism about a global growth recovery in 2021 and an accompanying downward trajectory for the US dollar as the primary consensus view.

At 9am, the local currency improved to 4.0100/0150 versus the greenback from last Thursday’s close of 4.0200/0250.

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He said optimism that widespread Covid-19 vaccine distribution will provide the ultimate economic kick-start offered a massive booster shot to corporate profits.

The ringgit was traded higher against other major currencies.

It increased against the Singapore dollar to 3.0365/0414 from 3.0395/0444 last Thursday, rose versus the euro to 4.9082/9156 from 4.9358/9427, appreciated vis-a-vis the Japanese yen to 3.8898/8958 from 3.9018/9078, and edged up against the British pound to 5.4829/4901 from 5.4905/4977.-BERNAMA

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