Ringgit ends higher against US dollar

  • Forex
  • Monday, 05 Dec 2022

KUALA LUMPUR: The ringgit closed higher against the US dollar today, buoyed by positive sentiment following China's reopening that will continue to drive investors to Asia markets.

At 6 pm, the local note strengthened to 4.3660/3715 against the greenback from 4.3835/3925 at Friday's closing.

SPI Asset Management managing director Stephen Innes said the ringgit was riding the US dollar/Chinese yuan coattails, which slid convincingly below the 7.00 level as reopening enthusiasm continued to drive investors to Asia markets.

Investors seem to view current levels as a once-in-a-generational entry point for Chinese stocks.

"This optimism continues to cause a demand for local Asian currencies as China-sensitive assets trade higher,” he told Bernama.

Innes said China's foreign exchange traders needed to sell dollars ahead of the anticipated inflows.

"A similar dynamic is playing out in Malaysia as expectations of an export boom to China see currency operators pricing in a much stronger ringgit,” he added.

Meanwhile, the ringgit also traded higher against a basket of major currencies.

The local note appreciated against the euro to 4.6087/6146 from 4.6136/6231 at the close on Friday and improved versus the Singapore dollar to 3.2379/2425 from 3.2463/2535.

It rose against the British pound to 5.3632/3700 from 5.3781/3892 last Friday and went up vis-a-vis the Japanese yen to 3.2291/2334 from 3.2698/2768 previously. - Bernama

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!


Next In Business News

MNRB records higher 3Q net profit of RM71.23mil
Ringgit ends lower as US non-farm payrolls shocks Asian foreign exchange
Willowglen secures RM11.92mil contract in Singapore
RHB revise upwards 2022 GDP growth forecast to 8.5%
Aemulus posts net loss of RM4.8mil in 1Q
KLCI tumbles 14.09 points, 730 stocks in the red
AirAsia to lease 15 new planes to meet demand driven by China's reopening
BP profit soars to record US$28bil, dividend increased
Bed Bath & Beyond's road to potential bankruptcy
Manufacturing sales up 8.6% to RM156.3bil in Dec 2022

Others Also Read