Ringgit rebounds to open higher against US dollar

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KUALA LUMPUR (Dec 19): The ringgit opened higher against the US dollar on Monday (Dec 19), boosted by higher oil prices as the greenback retreated, an analyst said.

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At 9am on Monday, the local note was traded at 4.4195/4260 against the greenback, compared with 4.4220/4265 at the close last Friday.

SPI Asset Management managing director Stephen Innes said the ringgit was a bit stronger on Monday morning, as the markets put significant risks on the central banks behind them.

He said both the European Central Bank and the US Federal Reserve were more hawkish than expected during their respective meetings last week, pummelling global stock markets.

“I think markets were still digesting that overall impact, but in Asia, optimism about China reopening despite a surge in Covid-19 cases still led traders to buy the ringgit on dips,” he told Bernama.

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

The local note fell against the pound to 5.3812/3891 from 5.3705/3760 at last Friday’s close, and was marginally lower versus the Singapore dollar to 3.2585/2638 from 3.2531/2569 last week.

It slipped against the yen to 3.2468/2520 from 3.2230/2265 last Friday, but rose versus the euro to 4.6838/6907 from 4.6926/6974 previously.-BERNAMA


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