KUALA LUMPUR, June 18 — The ringgit ended the week on a higher note against the US dollar, helped by the firmer oil prices as demand increases, analysts said.
At 6pm, the ringgit was quoted at 4.2670/2730 compared with 4.2750/2800 at yesterday’s close.
An anaylst said oil prices were picking up as the global easing of lockdown and restrictions were implemented amid many countries struggling to bring the Covid-19 pandemic under control.
However, a potential resurgence of the coronavirus disease in China and the US would affect the long-term outlook.
Oil benchmark Brent crude was trading 2.22 per cent higher at US$42.39 per barrel as at time of writing.
Reports said the easing of lockdown in Europe, some parts of Asia, and even Africa has seen the demand improved as businesses were opening up.
On the local front, the analyst said investors were positively reacting on the news that the government has allowed expatriates holding top management positions in Malaysia to enter the country, without having to seek the permission from the Immigration Department.
“The move will encourage more demand for the local currency and hopefully, able to boost tourism activity, as the government also announced the reopening of swimming pools and diving activity beginning June 25, subject to the limited people at any one time based on the pool’s capacity,” she told Bernama.
Malaysia has in principle also agreed to allow Singaporeans and Bruneians to enter the country without having to apply to the Malaysian Immigration Department or undergo Covid-19 screening and quarantine at home.
This is, however, subject to the same relaxations given to Malaysians by the Singapore and Brunei governments over the matter, said Senior Minister (Security Cluster) Datuk Seri Ismail Sabri Yaakob today.
Meanwhile, the ringgit performed better against major benchmark currencies.
It increased to 3.0614/0662 from 3.0713/0760 against the Singapore dollar and rose against the Japanese yen to 3.9897/9964 from 3.9942/9996 from yesterday’s close.
The local note also climbed to 5.2983/3075 from 5.3416/3491 vis-a-vis to the British pound and strengthened against the euro to 4.7854/7926 from 4.8089/8163 yesterday. — Bernama
