At 9am, the local currency rose to 4.7350/4.7390 from yesterday’s close of 4.7385/4.7420.

SPI Asset Management managing director Stephen Innes said the positive sentiment could lead the ringgit to push further on the upside given Malaysia’s close trading ties with China.

“Although it (China’s reopening) is more spin than substance, investors could start adding more local risks on their books and broaden their risk-taking.

“However, ahead of the local general election, I suspect external demand for the ringgit could remain muted,” he told Bernama.

On the US front, demand for the greenback eased ahead of the US consumer price index (CPI) data and results of the midterm elections.

The US CPI would be the next marker for the US federal open market committee on how high to take interest rates, Innes said.

Meanwhile, the ringgit was traded lower against a basket of major currencies.

It fell against the Singapore dollar to 3.3807/3.3840 from 3.3731/3.3761 at yesterday’s close and weakened vis-a-vis the Japanese yen to 3.2319/3.2348 from 3.2303/3.2329 previously.

The local currency also eased against the euro to 4.7468/4.7508 from 4.7323/4.7358 yesterday and slipped versus the British pound to 5.4599/5.4645 from 5.4227/5.4267.