Ringgit climbs against greenback as risk appetite increases

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KUALA LUMPUR: The ringgit rose against the US greenback on the opening at this time, as the US Dollar Index (DXY) fell 0.3 per cent to 95.910 factors, with risk-on mode changing into extra prevalent, an analyst stated.

At 9 am, the native observe widened 115 foundation factors (bps) to 4.1685/1725 versus the greenback from 4.1800/1805 at Wednesday’s shut.

Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid stated the Dow Jones Industrial Average (DJIA) closed at an all-time excessive of 36,488 factors whereas the 10-year United States Treasury yields have been nearly seven foundation factors increased to shut at 1.55 per cent final evening.

“As such, the ringgit is predicted to be on a firmer footing at this time,” he stated.

Besides, he believes the receding fears over the Omicron variant and rising hope of sustainable reopening of the financial system could have pinned one’s expectation of a greater 2022 outlook.

Meanwhile, the ringgit was traded largely decrease against a basket of different main currencies apart from the Japanese yen, for which it appreciated to three.6248/6286 from 3.6348/6355 at Wednesday’s shut.

The native unit fell versus the euro to 4.7317/7362 from 4.7150/7156, depreciated against the British pound to five.6262/6316 from 5.6062/6069, and narrowed vis-a-vis the Singapore greenback to three.0862/0896 from 3.0856/0864 beforehand. – Bernama



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