Ringgit extends gains against US Dollar

Ringgit extends gains against US Dollar

KUALA LUMPUR: The ringgit extended its gains for the third consecutive day against the US dollar today on bullish sentiment surrounding the local and regional markets.

At 9.10am, the local currency stood at 4.1000/1050 against the greenback compared with Tuesday’s close of 4.1020/1070.

Axi chief global market strategist Stephen Innes said the US dollar downside is increasingly attractive versus the emerging market foreign currencies.

He said the currencies of economies suffering severe contractions in gross domestic product (GDP) this year due to the Covid-19 pandemic and or the loss of tourism income are recovering admirably on the latest vaccine impulse.

“And on that note, the ringgit fits the bill on both accounts.”

Against other major currencies, the ringgit was traded mostly higher.

It rose against the Singapore dollar to 3.0522/0570 from 3.0537/0576 yesterday, increased against the yen to 3.9289/9441 from 3.9329/9381 and strengthened versus the euro to 4.8597/8673 from 4.8674/8750.

However, the local note weakened vis-a-vis the British pound to 5.4313/4383 from 5.4245/4319 yesterday.-Bernama