KUALA LUMPUR, July 27 — The ringgit rebounded from last week’s losses to trade higher against the US dollar today, due to investors’ renewed appetite for emerging currencies, including the local note, a dealer said.
As at 9.05am, the ringgit stood at 4.2540/2580 against the greenback compared with 4.2620/2660 at 6 pm on Friday.
Kenanga Research said the local currency continued its bullish momentum last week, appreciating against a weaker greenback, on the back of Covid-19 vaccine optimism and positive local economic sentiment.
“However, the momentum was partially pared by faltering risk appetite as escalating Sino-US tensions weighed on the sentiment,” it said in a research note today.
Meanwhile, the ringgit was traded lower against other benchmark currencies.
It fell against the Singapore dollar to 3.0799/0833 from 3.0764/0797 last week and decreased versus the Japanese yen to 4.0204/0253 from 4.0068/0117 on Friday.
The local unit depreciated against the British pound to 5.4519/4588 from 5.4268/4336 and weakened vis-a-vis the euro to 4.9712/9776 from 4.9426/9481 previously. — Bernama
