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Ringgit rebounds against US dollar

19 Jan 2021 / 19:30 H.

KUALA LUMPUR: The ringgit rebounded to close higher against the US dollar on Tuesday due to broad based US dollar weakness, and higher crude oil prices has lent some support for the local currency.

At the close, the local note stood at 4.0480/0520 against the greenback from 4.0500/0540 at the close yesterday.

Axi chief global market strategist Stephen Innes said the US dollar weakened against emerging currencies, while policy mixes between larger group of oil exporting countries, OPEC+ current supply discipline coalescing with the Joe Biden administration’s overarching focus on public health and economic responses to the Covid-19 pandemic, suggest oil prices could go much higher.

Locally, he noted signs of the enduring effervescent risk sentiment returning.

The ringgit finished easier against other major currencies.

It retreated against the Singapore dollar to 3.0443/0482 from 3.0378/0417 at Monday’s close and depreciated vis-a-vis the pound to 5.5081/5140 from 5.4784/4855 previously.

The local note eased against the euro to 4.9058/9114 from 4.8847/8903 while against the yen, it retreated further to 3.8912/8962 from 3.9010/9056 at yesterday’s closing. — Bernama

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