KUALA LUMPUR: The ringgit extended last week’s upward momentum to close higher against the US dollar today as risk appetite was fuelled by stable crude oil prices, dealers said.
At 6 pm, the local currency stood at 4.0880/0930 versus the greenback, compared with Friday’s close of 4.0900/0940.
At press time, benchmark Brent crude rose 1.71% to US$45.73 per barrel.
A dealer said global oil prices are stabilising on optimism over Covid-19 vaccine, but gains were capped by the renewed lockdowns in several countries.
Speaking to Bernama, he also said investors would closely watch the possible stimulus package from United States president-elect Joe Biden in combating the deadly pandemic and reviving the economy.
Meanwhile, the ringgit was traded mostly lower against other major currencies.
It fell against the Singapore dollar to 3.0476/0524 from Friday’s close of 3.0434/0479, decreased versus the British pound to 5.4624/4711 from 5.4295/4360, and weakened against the euro to 4.8549/8625 from 4.8495/8559 previously.
The local note, however, strengthened vis-a-vis the Japanese yen to 3.9380/9439 from 3.9399/9445 on Friday. — Bernama
