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Ringgit continues to trade well against US dollar at opening

At 9am, the local note improved to 4.5345/5400 against the US dollar from yesterday’s close of 4.5390/5465. — Picture by Shafwan Zaidon

Wednesday, 16 Nov 2022 9:54 AM MYT

KUALA LUMPUR, Nov 16 ― The ringgit continued its positive momentum this morning, opening marginally higher against the US dollar due to the positive pivot in China’s policy measures.

Analysts said this includes the country’s shift towards “living with Covid-19” and the new property measure to help its beleaguered mainland housing sector.

At 9am, the local note improved to 4.5345/5400 against the US dollar from yesterday’s close of 4.5390/5465.

SPI Asset Management managing director Stephen Innes said the property measure will support higher commodity prices, and since Malaysia is a keen exporter to China, this will support the ringgit via improved terms of trade.

“Markets, however, have a touch of ‘safe-haven’ or a US dollar bid due to what…

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