Ringgit ends higher against US dollar for third day running

24 Nov 2020 / 19:18 H.

KUALA LUMPUR: The ringgit closed higher against the US dollar for the third consecutive day today, as optimism over Covid-19 vaccine curbed appetite for the safe-haven greenback, dealers said.

At 6 pm, the local currency stood at 4.0850/0900 versus the greenback compared with Monday’s close of 4.0880/0930.

A dealer said the stable crude oil prices coupled with positive sentiment that the Budget 2021 would likely be passed in Parliament this Thursday had also fuelled demand for the ringgit today.

“The market moved in a range-bound trade earlier today but recovered towards the afternoon session as many (quarters) believed the Budget will be passed.

“Barisan Nasional has also declared its continuous support for the Budget, and this has slightly helped to ease the pressure,” he told Bernama.

Against other currencies, the ringgit rose against the Singapore dollar to 3.0435/0484 from 3.0476/0524 on Monday and strengthened versus the Japanese yen to 3.9192/9251 from 3.9380/9439 yesterday.

The local currency appreciated against the British pound to 5.4588/4659 from yesterday’s 5.4624/4711 and increased vis-a-vis the euro to 4.8538/8614 from 4.8549/8625 previously. — Bernama

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