Ringgit opens higher against US dollar on first trading day of the new year
KUALA LUMPUR, Jan 4 — The ringgit opened higher this morning versus the US dollar, denoting a decent evidence that it provides a guide to performance for the year.
Axi chief global market strategist Stephen Innes said the market continued to build in boatloads of optimism for a global growth recovery in 2021 and an accompanying downward trajectory for the US dollar as the primary consensus view.
At 9 am, the local currency improved to 4.0100/0150 versus the greenback from Thursday’s close of 4.0200/0250.
He said optimism that widespread COVID-19 vaccine distribution will provide the ultimate economic kick start offers a massive booster shot to corporate profits.
The ringgit was traded higher against other major currencies.
It increased against the Singapore dollar to 3.0365/0414 from 3.0395/0444 last Thursday, rose versus the euro to 4.9082/9156 from 4.9358/9427, and appreciated vis-a-vis the Japanese yen to 3.8898/8958 from 3.9018/9078 and edged up against the British pound to 5.4829/4901 from 5.4905/4977.