Ringgit marginally higher versus US dollar on improved sentiment

At 6pm, the local currency firmed up to 4.0400/0450 against the greenback from yesterday’s close of 4.0420/0450. — AFP pic
At 6pm, the local currency firmed up to 4.0400/0450 against the greenback from yesterday’s close of 4.0420/0450. — AFP pic

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KUALA LUMPUR, Feb 24 — The ringgit closed marginally higher against the US dollar today on improved sentiment for the local note as Malaysia started its nationwide exercise to provide Covid-19 immunisation today.

At 6pm, the local currency firmed up to 4.0400/0450 against the greenback from yesterday’s close of 4.0420/0450.

Axi chief global market strategist Stephen Innes said the positive sentiment was also supported by higher oil prices with the benchmark Brent crude now trading at around US$65 (RM253) per barrel.

“The ringgit however moved in a very tight trading range today as Asia stocks backpedalled today due to some concerns about higher US Treasury yields.

“Besides, there are talks in the market that interest rate may be revised upwards when the vaccine for Covid-19 gets rolled out and the domestic economy picks up again, given that exports are expected to do the bulk of the heavy lifting for the economy,” Innes told Bernama.

Meanwhile, the ringgit was traded mostly lower against other major currencies.

It further declined against the Singapore dollar to 3.0608/0656 from 3.0591/0618 yesterday and depreciated versus the British pound to 5.7210/7292 from 5.6948/6998 yesterday.

The local currency firmed up vis-a-vis the Japanese yen to 3.8192/8243 from yesterday’s 3.8393/8425 but weakened against the euro to 4.9134/9203 from 4.9106/9147 previously. — Bernama

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