The ringgit opened higher against the US dollar

VALUE The ringgit opened higher against the US dollar today supported by positive sentiment on the possible reopening of China’s borders and buoyant movements in the country’s equities, an analyst said.

At 9am, the local currency added value to 4.7350/7390 from Monday’s close of 4.7385/7420.

The Managing Director of SPI Asset Management, Stephen Innes, said that the positive sentiment could push the ringgit to jump higher given Malaysia’s close trade relationship with China.

“Even if it (China’s reopening) is more manipulation than reality, investors can start adding more local risk to their holdings and broaden their risk taking.

“However, ahead of the local general election, I expect external demand for the ringgit to remain sluggish,” he said.

Meanwhile, the ringgit traded lower against a group of major currencies.

The ringgit depreciated against the Singapore dollar to 3.3807/3840 from 3.3731/3761 at Monday’s close and weakened against the Japanese yen at 3.2319/2348 from 3.2303/2329 previously.

The local currency also fell against the euro to 4.7468/7508 from 4.7323/7358 yesterday and eased against the British pound to 5.4599/4645 from 5.4227/4267. – Named

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