VALUE The ringgit opened slightly higher against the US dollar on Tuesday with news of China’s reopening still hovering in Malaysia’s capital markets and sparking some activity in other Asian foreign exchange (FX), analysts said.
At 9am, the local currency added to 4.5915/5965 against the US dollar from 4.5925/5980 at Monday’s close.
However, the Managing Director of SPI Asset Management, Stephen Innes said, in overnight trading in New York, traders were seen to temporarily stop selling the dollar after the announcement of the United States (US) consumer price index last week.
Meanwhile, ActivTrades Dyogenes trader Rodrigues Diniz said the US dollar lost more than three percent against the ringgit since last week.
The bearish move came as a natural market reaction after a prolonged bullish move for the US currency, which has been firmly entrenched since December 2020, he said.
From a technical point of view, the US dollar is in a very overbought zone and is testing its highest level since 1998. In the next few days, there is a possibility that the US dollar will rebound and increase against the ringgit to 4.6300 before moving back down,” he said.
In the local market, the ringgit is trading high against a group of other major currencies except against the Singapore dollar.
The ringgit appreciated against the Japanese yen to 3.2708/2746 from 3.2738/2782 on Monday and strengthened against the euro to 4.7375/7427 from 4.7381/7438 yesterday.
The local currency also appreciated against the British pound to 5.3932/3990 from 5.4187/4252 at Monday’s close but depreciated against the Singapore dollar to 3.3446/3488 from 3.3405/3450 previously. – Named
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