KUALA LUMPUR: The ringgit rebounded to trade slightly higher against the US dollar in the early trading session today on improving risk appetite for the local currency.
At 9.08 am, the local note was trading at 4.1830/1860 versus the greenback compared with 4.1845/1875 at Wednesday’s close.
SPI Asset Management managing partner Stephen Innes said the lower oil prices provided a ray of hope for risk assets.
"I expect stagflation concerns to ease and the ringgit to gradually strengthen. The European Union (EU) energy relief package should stabilise the EU’s economy, and this should have a positive knock-on effect on Asian currencies, including the ringgit,” he told Bernama.
Meanwhile, the ringgit was traded mostly lower against a basket of major currencies.
The domestic unit strengthened against the yen to 3.6070/6096 from 3.6126/6155 at the close on Wednesday but was lower against the British pound to 5.5090/5130 from 5.5068/5108 yesterday.
It fell against the Singapore dollar to 3.0766/0793 from Wednesday’s 3.0739/0766 and declined against the euro to 4.6226/6259 from 4.5912/5945 previously. - Bernama
At 9.08 am, the local note was trading at 4.1830/1860 versus the greenback compared with 4.1845/1875 at Wednesday’s close.
SPI Asset Management managing partner Stephen Innes said the lower oil prices provided a ray of hope for risk assets.
"I expect stagflation concerns to ease and the ringgit to gradually strengthen. The European Union (EU) energy relief package should stabilise the EU’s economy, and this should have a positive knock-on effect on Asian currencies, including the ringgit,” he told Bernama.
Meanwhile, the ringgit was traded mostly lower against a basket of major currencies.
The domestic unit strengthened against the yen to 3.6070/6096 from 3.6126/6155 at the close on Wednesday but was lower against the British pound to 5.5090/5130 from 5.5068/5108 yesterday.
It fell against the Singapore dollar to 3.0766/0793 from Wednesday’s 3.0739/0766 and declined against the euro to 4.6226/6259 from 4.5912/5945 previously. - Bernama
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