KUALA LUMPUR – The ringgit extended gains against the US dollar to end higher today, benefiting from the continued recovery of global oil prices as well a bearish outlook on the greenback, a dealer said.
At the close, the local currency rose to 4.0320/0370 against the US dollar from Thursday’s close of 4.0405/0445.
In a research note today, Kenanga Research said the ringgit could extend its gains against the greenback this week, as the latter may continue to track a bearish trend amid US stimulus expectations and ongoing Covid-19 vaccine efforts.
“A weaker US dollar and higher commodity prices are likely to improve investors’ risk appetite and boost riskier assets. Locally, a further loosening of Covid-19 restrictions is expected to provide additional support for the ringgit,” it said.
The local currency was traded higher against other major currencies today, except the British pound.
It increased against the Singapore dollar to 3.0481/0523 from Thursday’s 3.0499/0531, and strengthened vis-a-vis the euro to 4.8920/8979 from 4.9003/9068 previously.
The ringgit also appreciated against the yen to 3.8258/8313 from 3.8602/8644 on Thursday, but weakened against the British pound to 5.6033/6144 from 5.5896/5964 previously.
The market was closed on Friday last week for the Chinese New Year holiday. – Bernama, February 15, 2021
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