KUALA LUMPUR – The ringgit maintained its upward momentum against the US dollar at the opening today on continued buying interest, supported by steadier oil prices.
At 9.08am, the local note traded marginally higher at 4.0340/0380 against the greenback from yesterday’s close of 4.0370/0420.
Axi chief global market strategist Stephen Innes said the ringgit, as will all oil sensitive currencies, should trade favourably on the infrastructure commodity boosting element of the United States stimulus package, despite fears over the domestic growth outlook due to the resurgence cases of Covid-19.
“Also, China’s steady economic rebound resonates well for key regional trading patterns if Malaysia were to stand out.”
Meanwhile, against other major currencies, the ringgit traded mixed.
It strengthened against the Singapore dollar to 3.0436/0478 from 3.0466/0513 at yesterday’s close, but fell against the yen to 3.8886/8928 from 3.8821/8880.
The local unit depreciated vis-a-vis the pound to 5.5197/5268 from 5.5105/5189 yesterday, but firmed against the euro to 4.9017/9082 from 4.9106/9183. – Bernama, January 15, 2021
