RINGGIT continued its positive momentum Friday morning rising by 0.38 percent against the US dollar in the opening session, thus reflecting the upbeat sentiment after the current political turmoil in the country is over.
In addition, the market also took cues from the United States Federal Reserve’s signal of a reduction in rate hikes.
At 9am, the local currency continued to appreciate to 4.4760/4810 against the US dollar from Thursday’s close of 4.4910/5000.
The Managing Director of SPI Asset Management, Stephen Innes said, the active movement in the Malaysian stock market following the appointment of Datuk Seri Anwar Ibrahim as the 10th Prime Minister of Malaysia, also helped the ringgit to attract foreign investors.
The Pakatan Harapan chairman was sworn in as Prime Minister at Istana Negara on Thursday.
“However, the main driver of sentiment in the future is the slower increase in interest rates as contained in the minutes of the Federal Open Market Committee (FOMC),” he told Bernama.
Nevertheless, he said, the market is expected to be quiet because the US will celebrate the Thanksgiving holiday this weekend.
Meanwhile, the ringgit traded higher than a group of other major currencies.
The ringgit rose against the Singapore dollar to 3.2522/2561 from 3.2678/2749 at Thursday’s close and was higher against the euro at 4.6573/6625 from 4.6792/6886 previously.
The ringgit also appreciated against the British pound to 5.4169/4229 from 5.4305/4414 and rose against the Japanese yen to 3.2199/2237 from 3.2412/2479 on Thursday. – Named
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