Positive sentiment boosts ringgit against greenback
The ringgit is expected to trade between 4.38 and 4.41 this week. – The Malaysian Insight file pic, January 3, 2023.
At 9am, the local note traded at 4.3965/4050 versus the US dollar from 4.3995/4095 at the close on Friday. SPI Asset Management managing director Stephen Innes said the local note rallied this morning as buying flows on China’s reopening continued to help Asia foreign exchange. “The ringgit could see a good week on the prospect of more support for China’s economy,” he told Bernama, adding that the ringgit is expected to trade between 4.38 and 4.41 throughout this week.
“If the reading remains solid, it would prompt the central bank to take action to break the tight job situation, prolonging the bear market,” he told Bernama.
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