Ringgit extends upbeat momentum against US dollar

KUALA LUMPUR, Dec 30 ― The ringgit extended its upbeat momentum to open better versus the US greenback today, backed by anticipation that the United States (US) Federal Reserve (Fed) would simplicity its desire charge hikes, claimed an analyst.

At 9am, the regional observe rose to 4.4150/4200 towards the US dollar from yesterday’s shut of 4.4180/4215.

SPI Asset Administration handling director Stephen Innes said the anticipation was pushed by the better-than-anticipated weekly jobless claims in the US, which saw the nearby and the overnight US shares buying and selling higher as sentiments rebounded.

“Besides, the ringgit’s appreciation is also likely due to the absence of any damaging headlines from locales, the place Chinese travellers are arriving fresh from three years of pressured travel hiatus,” Innes advised Bernama.

Even so, irrespective of its constructive turn compared to the US dollar, the ringgit traded lessen towards a basket of big currencies.

The nearby be aware depreciated vis-a-vis the Japanese yen to 3.3336/3379 from 3.3061/3090 on Thursday and fell marginally in opposition to the euro to 4.7090/7144 from 4.7078/7116 yesterday.

The ringgit also eased versus the British pound to 5.3258/3318 from 5.3255/3297 at yesterday’s close and slipped compared to the Singapore greenback to 3.2864/2904 from 3.2770/2800 earlier. ― Bernama