KUALA LUMPUR, Dec 19 — The ringgit opened higher against the US dollar on Monday, boosted by higher oil prices as the greenback retreated, an analyst said.
At 9am, 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 this morning as the markets put significant risks on the central banks behind them.
He said both the European Central Bank and the United States Federal Reserve were more hawkish than expected during their respective meetings last week, pummeling global stock markets.
“I think markets are still digesting that overall impact, but in Asia, optimism over China reopening despite the surge in Covid-19 still led traders to buy the ringgit on dips,” he told Bernama.
Meanwhile, the ringgit was traded mostly lower against a basket of major currencies.
The local note fell against the British pound to 5.3812/3891 from 5.3705/3760 at 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 Japanese 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
