Ringgit continues rise against US dollar

KUALA LUMPUR: The ringgit staged another strong move at the opening today, thanks to stronger oil and commodity prices.

At 9.06am, the local note jumped to 4.0470/0530 from Friday’s close of 4.0500/0550.

Axi chief global market strategist Stephen Innes said the ringgit is in full catch-up mode with commodity prices trading firmer and oil prices well supported at recent highs due to vaccine optimism as enthusiasm for commodity-linked-currencies supersedes all else at the moment.

At press time, crude Brent traded higher near US$50 per barrel, while the West Texas Intermediate was at US$46.58 per barrel.

Meanwhile, the ringgit also traded mostly higher against other major currencies.

It rose against the Singapore dollar to 3.0292/0339 from 3.0301/0332 at Friday’s close, and increased against the euro to 4.9042/9130 from 4.9074/9122.

It also strengthened against the Japanese yen to 3.8899/8960 from 3.8927/8964 previously, but declined against the British pound to 5.3797/3893 from 5.3537/3585. – Bernama

Source: NST