Ringgit firmer against US dollar on positive economic outlook

As at 6pm, the local unit rose to 4.2600/2650 against the greenback from Friday’s close of 4.2630/2680. — Reuters pic
As at 6pm, the local unit rose to 4.2600/2650 against the greenback from Friday’s close of 4.2630/2680. — Reuters pic

KUALA LUMPUR, July 20 — The ringgit extended last week’s upward momentum against the US dollar today lifted by positive market sentiment following the prime minister’s remarks on the continuity of business activities and the nation’s economy, dealers said.

As at 6pm, the local unit rose to 4.2600/2650 against the greenback from Friday’s close of 4.2630/2680.

Earlier, Prime Minister Tan Sri Muhyiddin Yassin said the economic sectors that were affected by the Covid-19 pandemic have started to gain momentum, and if this trend continues, Malaysia’s economy would recover much faster.

However, he hinted on the hardship the people and the country would have to endure if a lockdown is reimposed in the event of a surge in infections.

This is following worries over the return to double-digits in new Covid-19 cases lately.

“This somehow signalled our economy and businesses activities would continue but in a new normal and adhering to the standard operating procedures that have been set by the government,” a dealer told Bernama.

Meanwhile, the ringgit was traded mixed against other benchmark currencies.

It increased against the Singapore dollar to 3.0639/0681 from 3.0658/0698 last Friday and appreciated versus the yen to 3.9720/9771 from 3.9774/9836.

The local unit, however, weakened against the British pound to 5.3625/3701 from Friday’s 5.3467/3546 and declined vis-a-vis the euro to 4.8798/8860 from 4.8649/8719 previously. — Bernama

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