THE ringgit opened higher versus the US dollar today due to a lack of demand for the greenback during the holiday season. 

At 9.01am, the local note traded at 4.4150/4200 against the US dollar, up from 4.4225/4260 at last Friday’s close. 

SPI Asset Management managing director Stephen Innes said trading activity should be muted in the last week of the year, with the ringgit trading on a more favourable bias due to China fast-tracking the reopening of its borders. 

“Although I expect slow trading this week, the ringgit could also improve if Asia’s risk sentiment continues to take a favourable read on last Friday’s relatively benign US personal consumption expenditures (PCE) price index inflation print,” he said.

The US PCE was up by 4.7% year-on-year in November, but this was a step down from a 5% gain in October.

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

The local note eased versus the Singapore dollar to 3.2803/2850 from last Friday’s close of 3.2754/2785 and fell against the euro to 4.6993/7046 from 4.6927/6964 previously. 

However, it appreciated vis-a-vis the Japanese yen to 3.3186/3228 against 3.3352/3381 last week and strengthened against the British pound to 5.3324/3385 from 5.3349/3391 previously. – Bernama, December 27, 2022.