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The ringgit was easier against the US dollar at today's opening, mainly due to a lack of demand for the local currency ahead of the weekend, a dealer said.

At 9am, the ringgit was quoted at 4.4600/4650 against the greenback from the 4.4560/4600 recorded yesterday.

The dealer said although the ringgit was slightly lower, traders expect it to strike a positive momentum, at least for the short term.

"Overall, the US dollar is still weak, thanks to US president-elect Donald Trump's lack of clarity on fiscal policy," the dealer said.

He said the other emerging currencies were also on a bullish momentum, which would influence the Malaysian currency market.

Against the other major currencies, the ringgit traded higher.

It rose against the Singapore dollar to 3.1217/1259 from 3.1264/1303 yesterday and improved against the yen to 3.8762/8809 from 3.9067/9113.

The local unit appreciated vis-a-vis the euro to 4.7312/7383 from 4.7407/7468 and compared with the British pound, strengthened to 5.4189/4259 from 5.4657/4711.

Short-term rates are expected to remain stable today on Bank Negara Malaysia's (BNM) continuous intervention to absorb excess liquidity from the financial system.

The central bank estimated today's liquidity at RM28.91 billion in the conventional system and RM12.18 billion in Islamic funds.

BNM will conduct two RM500 million conventional money market tenders for seven days and 14 days respectively.

This is alongside a Qard tender of RM4.25 billion for six days to 21 days and a Commodity Murabahah Programme tender worth RM350 million for 32 days.

At 4pm, it will conduct an up to RM28 billion conventional overnight tender and RM7.6 billion overnight Qard.

- Bernama

Dollar, stocks fall after Trump’s lack of policy details

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