KUALA LUMPUR: The ringgit continued yesterday’s upbeat momentum to open higher today, responding to the positive news globally, a dealer said.
At 9.01 am, the local currency improved to 4.4470/4500 versus the greenback from Tuesday’s close of 4.4480/4510.
SPI Asset Management managing partner Stephen Innes said the better ringgit performance took cues from reports that Russian gas would flow via Nord Stream 1 after the maintenance period ends on Thursday.
“This has temporarily alleviated some more deeper recession risk and the markets have cheered this news. However, a bigger ringgit rally expectations will likely be deferred until China moves out of lockdown,” he told Bernama.