At 6pm, the local currency stood at 4.0850/0890 versus the greenback compared with yesterday’s close of 4.1020/1070. — AFP pic

KUALA LUMPUR, Nov 18 — The ringgit stayed firmer against the US dollar for the third straight day at today’s close, boosted by the positive Covid-19 vaccine development, said an analyst.

At 6pm, the local currency stood at 4.0850/0890 versus the greenback compared with yesterday’s close of 4.1020/1070.

The analyst said the agreement signed between Malaysia and China to cooperate on the safe and effective vaccine to combat the Covid-19 had increased optimism among traders.

Under the agreement, in force for an initial period of five years, Malaysia will be given priority access to Covid-19 vaccines developed by China, knowledge sharing and expertise as well as facilitate scientific and technological capabilities to advance vaccine development in both countries.

The agreement was signed by Science, Technology and Innovation Minister Khairy Jamaluddin and his Chinese counterpart Wang Zhigang.

"The better market sentiment was also due to the rising oil prices with the international benchmark oil Brent crude improving 1.33 per cent to US$44.33 per barrel at press time,” the analyst said.

Against other major currencies, the ringgit was traded mostly higher.

It rose against the Singapore dollar to 3.0471/0513 from yesterday’s close of 3.0537/0576, increased against the yen to 3.9328/9378 today from 3.9329/9381 and strengthened versus the euro to 4.8562/8614 from 4.8674/8750 previously.

However, the local note weakened vis-a-vis the British pound to 5.4298/4355 from 5.4245/4319 yesterday. — Bernama