Malaysia: Ringgit extends uptrend at opening as risk appetite improves

• Dec 22, 2021

KUALA LUMPUR, Dec 22 — The ringgit appreciated against the US dollar at the opening on Wednesday amidst improved risk appetites.

At 9.15am, the local note rose to 4.2050/2075 versus the greenback from 4.2065/2110 on Tuesday.

 Bank Islam Malaysia chief economist Mohd Afzanizam Abdul Rashid said the US dollar index (DXY) was down by 0.09 per cent to 96.46 points, which is expected to support the ringgit today.

“However, sentiments might swing to the weaker side due to the Covid-19 Omicron variant, which could potentially disrupt the global supply chain and lead to higher inflation,” he told Bernama.

Mohd Afzanizam said the Omicron spread is causing rising concerns over the potential imposition of more restrictions.

Meanwhile, the ringgit was traded mostly higher against a basket of other major currencies.

It rose vis-a-vis the Japanese yen to 3.6841/6866 from 3.7019/7062 on Tuesday, gained against the Singapore dollar at 3.0824/0845 from 3.0828/0866, and increased versus the euro to 4.7458/7486 from 4.7508/7559 previously.

The local note, however, fell against the British pound to 5.5763/5796 from 5.5732/5792 at the close yesterday. — Bernama