Ringgit rises on positive global sentiment

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KUALA LUMPUR: The ringgit continued yesterday's upbeat momentum to open higher today, responding to the positive news globally, a dealer said.

At 9.01 am, 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.

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"This has temporarily alleviated some more deeper recession risks and the markets have cheered this news. However, a bigger ringgit rally expectations 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 yesterday.

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. - Bernama