Ringgit slightly higher versus US dollar despite market uncertainty

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KUALA LUMPUR (Jan 4): The ringgit opened slightly higher against the US dollar on Wednesday (Jan 4), despite market uncertainty over the US Federal Reserve’s (Fed) upcoming interest rate decision, dealers said.

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At 9am, the local note had appreciated to 4.4040/4100 versus the greenback, from Tuesday’s close at 4.4050/4084.

SPI Asset Management managing partner Stephen Innes told Bernama that going into the new year, old problems continued to influence the broader markets, specifically uncertainties around the Fed’s terminal rate, and whether the world would fall into a recession.

“Hence, the ringgit opened marginally higher today (Wednesday), given the risk-off impulses from the US market with lower stock and bond yields,” he said.

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

It fell against the pound to 5.2800/2871 from 5.2538/2579 at Tuesday’s close, depreciated against the euro to 4.6497/6561 from 4.6460/6495 previously, and weakened versus the Singapore dollar to 3.2773/2822 from 3.2768/2798.

However, the ringgit rose vis-a-vis the yen to 3.3616/3667 from 3.3755/3786 on Tuesday.-BERNAMA


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