Ringgit ends at 9-month high against US dollar

A market analyst says the ringgit's stellar performance is supported by the premise that the US Federal Reserve is heading into a downshift, strengthening Asian currencies. – The Malaysian Insight file pic, January 25, 2023.

THE ringgit extended its uptrend to end at nearly a nine-month high against the US dollar today on improved buying interest amid encouraging sentiment, an analyst said. 

At 6pm, the ringgit climbed to 4.2575/2625 against the greenback from Friday’s close of 4.2830/2875. 

The market resumed trading today after being closed on January 23 and 24 for the Chinese New Year holiday. 

SPI Asset Management managing partner Stephen Innes said the ringgit continued its stellar performance, supported by the premise that the US Federal Reserve is heading into a downshift that will strengthen Asian currencies. 

“The reopening of China also further enhanced market sentiment towards the local currency, in anticipation of increasing Chinese tourist demand which should provide a big boost to local services and tourism beneficiaries,” he told Bernama. 

At the close, the ringgit traded higher against a basket of major currencies. 

The local note rose against the Singapore dollar to 3.2352/2392 from 3.2386/2425 at Friday’s close and strengthened vis-a-vis the Japanese yen to 3.2790/2831 from 3.3073/3111 previously.

It also appreciated versus the British pound to 5.2418/2480 from 5.2861/2916 at the end of last week and improved against the euro to 4.6322/6376 from 4.6393/6442. – Bernama, January 25, 2023.

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