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External factors continue to lift ringgit higher

01 Dec 2022 06:32pm
Photo for illustration purposes only.
Photo for illustration purposes only.
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KUALA LUMPUR - External forces have continued to propel the ringgit to close higher against the US dollar on the first trading day for December, said a dealer.

At 6 pm, the local note further strengthened to 4.4030/4100 against the greenback from yesterday’s close of 4.4420/4500.

SPI Asset Management managing director Stephen Innes said the United States (US) Federal Reserve (Fed) chair Jerome Powell’s signal that the Fed’s rate hikes could slow down as soon as next month, as well as the expectations that China would reopen its economy soon have supported the ringgit’s upward momentum.

"Markets may turn a little defensive ahead of the US Non-Farm Payroll data to be released tomorrow, but I think the ringgit will continue to do well so long as China’s reopening remains on track,” he told Bernama.

Meanwhile, the ringgit was traded mixed against a basket of major currencies.
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The local note had strengthened against the euro to 4.5976/6049 from 4.6010/6098 at the close on Wednesday and improved versus the Singapore dollar to 3.2420/2474 from 3.2487/2551 previously.

However, it fell against the British pound to 5.3501/3586 from 5.3366/3467 yesterday and eased vis-a-vis the Japanese yen to 3.2282/2336 from 3.2007/2067 previously. - BERNAMA

Ringgit
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US dollar
Stephen innes
China reopening
Fed
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