KUALA LUMPUR – The ringgit ended higher today amid bullish sentiment following fresh hopes for a new US stimulus package.
At 6pm, the local currency stood at 4.1420/1460 versus the greenback compared with 4.1480/1550 at Tuesday’s close.
It was reported that the White House and Democratic Party negotiators were willing to continue their discussions over US stimulus deals.
Market players are also optimistic over Covid-19 vaccine developments after news that AstraZeneca Plc is expected to resume trials in the United States as early as this week.
Axi chief global market strategist Stephen Innes said expectation of a victory for Joe Biden in the US presidential election would have a positive impact on the local currency.
“Ultimately, the market views a Biden presidency in a favourable light as it could ease US-Sino tensions and this would have a favourable knock-on effect on the ringgit,” he told Bernama.
The ringgit was traded mostly lower against other major currencies, with the Singapore dollar being an exception.
It improved against the Singapore dollar to 3.0555/0596 from Tuesday’s close of 3.0561/0624 but decreased against the British pound to 5.4066/4122 from 5.3754/3861.
The local currency depreciated versus the yen to 3.9481/953 from 3.9291/9369 and slipped against the euro to 4.9058/910 from 4.8963/9062 previously. – Bernama, October 21, 2020
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