Ringgit opens higher against US dollar
KUALA LUMPUR (July 20): The ringgit continued Tuesday's (July 19) upbeat momentum to open higher on Wednesday, responding to the positive news globally, a dealer said.
At 9.01am, the local currency improved to 4.4470/4500 versus the greenback from Tuesday's close of 4.4480/4510.
SPI Asset Management managing partner Stephen Innes said the better ringgit performance took cues from reports that Russian gas would flow via Nord Stream 1 after the maintenance period ends on Thursday.
“This has temporarily alleviated some more deeper recession risk and the markets have cheered this news. However, [expectations of] a bigger ringgit rally will likely be deferred until China moves out of lockdown,” he told Bernama.
The ringgit traded mostly higher against a basket of major currencies.
The local currency went up versus the Japanese yen to 3.2192/2216 from 3.2323/2347 on Tuesday and was marginally higher versus the British pound to 5.3435/3471 from 5.3478/3514 previously.
It appreciated vis-a-vis the euro to 4.5564/5595 from 4.5592/5623 on Tuesday's close but weakened against the Singapore dollar to 3.1972/2001 from 3.1943/1966 previously.
Source: The Edge Market
