Ringgit up marginally on Nov 23 for second consecutive day

Ringgit up marginally on Nov 23 for second consecutive day
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KUALA LUMPUR (Nov 23): The ringgit concluded Wednesday (Nov 23)’s trading session slightly stronger against the US dollar due to favourable external factors, said a dealer.

At 6pm, the local note was traded at 4.5725/5775 against the greenback, compared with Tuesday’s close of 4.5750/5835. 

SPI Asset Management managing director Stephen Innes said the ringgit, alongside Asian currencies, ignored the uptick in Covid-19 cases in China, referring to the more bullish outlook held by regulators.

To recap, China’s government is moving away from its zero-Covid policy, and is reducing economic pressures.

“On the US Federal Reserves’ front, investors are strongly biased to believe that headline inflation will continue to ease substantially over the next month or two.

“As a result, the dollar is coming under more pressure, and risk assets are getting lifted. This is greatly supporting the ringgit ahead of the FOMC statement,” he told Bernama.

He emphasised that the moves are the positive drivers that should send the ringgit stronger by year-end.

Meanwhile, the ringgit was traded mixed against a basket of major currencies.

It rebounded versus the Singapore dollar to 3.3053/3094 from 3.3169/3235 at Tuesday’s close and rose vis-a-vis the Japanese yen to 3.2344/2382, from 3.2380/2445 on Tuesday. 

The local note however, fell further against the euro to 4.7202/7254 from 4.6981/7068, and depreciated versus the British pound to 5.4495/4555 from 5.4223/4324.