KUALA LUMPUR: The ringgit opened higher against the US dollar today as the upside in the greenback seemed to be capped amidst improving risk appetites among market participants, an analyst said.
At 9 am, the local note stood at 4.3915/3995 against the US dollar from 4.3950/4000 at Wednesday's close.
SPI Asset Management managing director Stephen Innes said the market's expectations of China's easing of COVID-19 restrictions continued to strengthen the Politburo China, which has significantly accelerated its preparation for a full reopening, thus helping to lift the ringgit stronger.
"China's exit from zero-COVID will be highly beneficial for Asia's exporters of consumer goods and tourism services to China, hence the ringgit and Thai Baht stand out, and this will be the key theme that drives Asia foreign exchange performance in 2023," he told Bernama.
On another note, he said the United States' (US) 10-year yield had dropped precipitously overnight, and given that the ringgit is sensitive to its performance, this was perceived as positive for local traders.
Meanwhile, ActivTrades trader Dyogenes Rodrigues Diniz said the investors are still uncertain about what to expect from the US Federal Reserve (Fed) over the coming months.
Investors are now awaiting the release of the US Initial Jobless Claims data and the Producer Price Index (PPI) which may provide further insight into the market direction, he said.
"From a technical point of view, the US dollar is still showing a Relative Strength Index (RSI) of below 30 against the ringgit, which suggests an oversold situation, whereby a bullish move could start over the next few days," he added.
Meanwhile, the ringgit was traded lower against a basket of major currencies this morning.
The local note depreciated against the British pound to 5.3559/3656 from 5.3320/3381 at Wednesday's close and weakened vis-a-vis the euro to 4.6111/6195 from 4.6055/6108 yesterday.
It had also slipped versus the Singapore dollar to 3.2364/2428 from 3.2323/2365 on Wednesday and fell against the Japanese yen to 3.2142/2205 from 3.1936/1974 previously.
-- BERNAMA
Bernama
Thu Dec 08 2022
At 9 am, the local note stood at 4.3915/3995 against the US dollar from 4.3950/4000 at Wednesday's close. - Filepic
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.
NFOF will be operational in November 2024 with funding of RM1 bil
PM Anwar Ibrahim said NFOF will support venture capital fund managers to invest in startup companies with RM300 million set aside for 2025.
Minimum wage to increase to RM1,700 effective Feb 1, 2025
The Progressive Wage Policy would be fully enforced next year with an allocation of RM200 million, benefiting 50,000 workers.
Bursa Malaysia ends higher on Budget 2025 optimism
The benchmark index, which opened 1.85 points higher at 1,643.29, moved between 1,641.71 and 1,649.31 throughout the trading session.
Five important aspects relating to people’s lives in Budget 2025 - PM
The focus is on driving the MADANI Economy, speeding reforms, cutting red tape, raising wages, and tackling the cost of living.
Economic outlook: Govt plans to leverage, expand existing city transit system
The expansion aims to provide a more efficient and reliable public transportation network, reduce congestion, and improve accessibility.
Economic outlook: Budget 2025 to lay foundation for a digital-driven economy
The report said Budget 2025 will entail efforts to position Kuala Lumpur as a top 20 global startup hub by 2030 through the KL20 initiative.
Economic outlook: Corruption and lack of accountability hinder economic progress
Special Cabinet Committee on National governance is established to curb corruption, law reforms to modernise outdate regulations, MoF said.
National Wages Consultative Council will be strengthened
The govt will also incentivise hiring women returning from career breaks, offer job matching and improve care services facilities.
Economic outlook: Ensuring 11 years of compulsory education for all children
Budget 2025 will continue prioritising upskilling and retraining initiatives to equip workers with the latest skill sets necessary.
Consolidated public sector projected to record lower surplus of RM41.7 bil 2024
The MoF said the consolidated general government revenue is estimated to increase slightly to RM384.7 billion in 2024.
PM announces substantial Budget 2025 hastening Malaysia to become Asian economic powerhouse
Datuk Seri Anwar Ibrahim said it would create jobs and also tackle financial leakages to enhance public spending efficiency.