KUALA LUMPUR (Dec 27): The ringgit opened higher versus the US dollar on Tuesday (Dec 27), on lack of demand for the greenback during the holiday season.
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At 9.01am, the local note was traded at 4.4150/4200 against the US dollar, from 4.4225/4260 at last Friday’s close.
SPI Asset Management managing director Stephen Innes said that trading activity should be muted in the last week of the year, with the ringgit trading on a more favourable bias, due to China fast-tracking its border reopening.
“Although I expect slow trading this week, the ringgit could also improve if Asia’s risk sentiment continues to take a favourable read of last Friday’s relatively benign US personal consumption expenditures (PCE) price index inflation print,” he told Bernama.
According to news reports, the US PCE was up by 4.7% year-on-year in November, but this was a step down from a 5% gain in October.
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Meanwhile, the ringgit was traded mixed against a basket of major currencies.
The local note eased versus the Singapore dollar to 3.2803/2850 from last Friday’s close at 3.2754/2785, and fell against the euro to 4.6993/7046 from 4.6927/6964 previously.
However, it appreciated vis-a-vis the yen to 3.3186/3228 against 3.3352/3381 at the close last week, and strengthened against the pound to 5.3324/3385 from 5.3349/3391 previously.
The market was closed on Monday, as Christmas fell on Sunday.-BERNAMA