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Ringgit opens higher against US dollar ahead of stimulus package announcement

27 Feb 2020 / 09:55 H.

KUALA LUMPUR: The ringgit opened higher today against the US dollar on better demand due to investors’ improved risk appetite ahead of the announcement of the government’s economic stimulus package later today.

At 9 am, the local note appreciated 100 basis points to 4.2130/2200 against the greenback from 4.2230/2280 on Wednesday.

The initiative aimed to stimulate Malaysia’s economy and mitigate any adverse repercussions arising from the COVID-19 outbreak and other external uncertainties.

It will be announced by the interim Prime Minister, Tun Dr Mahathir Mohamad.

“This (stimulus package) announcement would help restore investors’ confidence in the market, which has been under pressure recently due to uncertainties in the local political landscape as well as the COVID-19 outbreak,” he said in a tweet yesterday. -Bernama

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