KUALA LUMPUR, Feb 10 — The ringgit strengthened further to end higher against the US dollar today amid the continued weakness in the greenback coupled with stronger crude oil prices on the back of recovery optimism.
The US dollar fell for the third consecutive session in tandem with lower yields, analysts said.
At the close, the local currency rose to 4.0420/0460 against the US dollar from Tuesday’s close of 4.0460/0500.
Axi chief global market strategist Stephen Innes said the ringgit performed well today on the back of higher oil prices in line with other oil-exporting countries’ currencies and risk-on session in Asia, supported by improving Covid-19 trends and a push for more US economic stimulus.
“In Malaysia, the specific trend is that there is growing optimism that the Movement Control Order has worked and there could be a greater liberalisation of mobility restrictions sooner than expected. This lifted the market sentiment and boosted demand for the ringgit,” he told Bernama.
Meanwhile, the local currency was also traded higher against other major currencies today except for the British pound.
It increased against the Singapore dollar to 3.0460/0494 from Tuesday’s 3.0488/0520 and strengthened vis-a-vis the euro to 4.8981/9042 from 4.8993/9046 previously.
The ringgit also appreciated against the yen to 3.8565/8618 from 3.8688/8734 yesterday but slipped against the British pound to 5.5913/5980 from 5.5754/5817.
— Bernama
