Ringgit rebounds ahead of Budget 2020 announcement

Positive sentiments from Budget 2020 to be announced later in the day put the ringgit on a firm footing at opening of trade. — Reuters pic
Positive sentiments from Budget 2020 to be announced later in the day put the ringgit on a firm footing at opening of trade. — Reuters pic

KUALA LUMPUR, Oct 11 — The ringgit rebounded to open higher against the US dollar today as buying interest in the local note recovered ahead of the tabling of Budget 2020 this afternoon, said a dealer.

At 9am, the local note was at 4.1840/1880 against the greenback from yesteday’s close of 4.1920/1960.

Axi Trader Asia-Pacific market strategist Stephen Innes said traders are sitting tight awaiting the budget announcement where a possible budgetary conflict of prudence and growth would intersect with the local currency and capital markets.

The ringgit traded mostly higher against other major currencies, except the British pound.

It appreciated against the Japanese yen to 3.8716/8760 from 3.9032/9080 and improved against the Singapore dollar to 3.0429/0469 from 3.0450/0485 yesterday.

The local currency rose against the euro to 4.6041/6102 from 4.6238/6286 yesterday, but vis-a-vis the British pound, the ringgit eased to 5.2020/2086 from 5.1373/1439. — Bernama

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