KUALA LUMPUR, June 23 — The ringgit reversed yesterday’s downtrend to close higher against the US dollar today, thanks to better market sentiment following rising oil prices and Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz’s latest remarks on the country’s economy, dealers said.

Although the greenback showed stability following some assuring statements from the White House on the Washington-Beijing trade pact, the ringgit rose to 4.2710/2770 as at 6pm compared with 4.2770/2850 yesterday’s close.

Brent crude increased 2.1 per cent to US$43.08 per barrel amid tighter supplies from major producer nations as Covid-19 lockdowns kept easing.

Meanwhile, Tengku Zafrul said Malaysia’s exposure to foreign currency fluctuations was extremely limited as 97 to 98 per cent of the country’s debt comprised of domestic borrowings.

He said the debt level might hit the statutory limit of 55 per cent of the gross domestic product at year-end from 52 per cent currently following the implementation of measures to save lives, protect livelihoods and stimulate the economy.

When presenting the 10th Laksana (Economic Stimulus Implementation and Coordination Unit Between National Agencies) report earlier today, the minister also said the government was committed to ensuring progress of all the economic stimulus packages was reported in a timely and transparent manner.

Following the RM260 billion Prihatin Rakyat economic stimulus package (Prihatin) unveiled during the early stage of the movement control order, the government announced this month the RM35 billion National Economic Recovery Plan (Penjana) which raised its direct fiscal injection to RM45 billion.

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

It decreased against the Singapore dollar to 3.0671/0723 from 3.0657/0717 recorded at yesterday’s close, fell versus the British pound to 5.3165/3261 from 5.3035/3151 and weakened against the euro to 4.8203/8283 from 4.7954/7052.

The local currency, however, appreciated vis-a-vis the Japanese yen to 3.9875/9942 from 3.9987/9080 yesterday. — Bernama