Despite Market Uncertainty, Ringgit Appreciated Against the Greenback

Despite market uncertainty over the US Federal Reserve’s upcoming interest rate decision, the local currency, Malaysian Ringgit opened slightly higher against the greenback on Wednesday.

At 9am, the local note had appreciated to 4.4040/4100 versus the greenback, as compared to Tuesday’s close at 4.4050/4084.

“Going into the new year, old problems continued to influence the broader markets, specifically uncertainties around the Fed’s terminal rate, and whether the world would fall into a recession,” SPI Asset Management managing partner Stephen Innes was quoted as saying to the news agency.

“Hence, the ringgit opened marginally higher today (Wednesday), given the risk-off impulses from the US market with lower stock and bond yields,” he added.

On the performance of ringgit against a basket of major currencies, it traded mostly lower.

Ringgit weakened versus the Singapore dollar to 3.2773/2822 from 3.2768/2798. Ringgit also depreciated against the euro to 4.6497/6561 from 4.6460/6495 previously, against the pound to 5.2800/2871 from 5.2538/2579 at Tuesday’s close.

On the contrary, the ringgit appreciated against the Japanese Yen to 3.3616/3667 from 3.3755/3786 on Tuesday.

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