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Ringgit snaps 3-day losing streak to end higher versus US dollar

03 Mar 2021 / 19:54 H.

KUALA LUMPUR: The ringgit edged up against the US dollar, snapping a three-day losing streak, as the local stock market’s improved performance and oil price rebound boosted market sentiment.

At 6pm, the ringgit rebounded to 4.0490/0530 against the greenback from 4.0570/0600 at Tuesday’s close.

Axi chief global market strategist Stephen Innes said the local note remained at the same level of 4.05 level without actually moving forward.

“The ringgit traded in a relatively tight range today, holding relatively tight to the 4.05 level,” he told Bernama.

OANDA Asia Pacific senior market analyst Jeffrey Halley said the ringgit had gained somewhat on the back of the more positive sentiment sweeping Asian financial markets today amid higher oil prices.

“Gains are likely to be limited ahead of the OPEC+ decision tomorrow and official crude inventories from the US this evening,” he added.

At the time of writing, Brent crude rose 1.5 percent to US$63.64 per barrel.

Meanwhile, the ringgit was traded mixed against other major currencies.

It fell against the Singapore dollar to 3.0446/0487 from 3.0433/0462 on Tuesday, declined versus the British pound to 5.6605/6673 from 5.6258/6304 and eased against the euro to 4.8993/9058 from 4.8708/8748.

However, the local currency appreciated vis-a-vis the Japanese yen to 3.7877/7921 from 3.7948/7987 yesterday. — Bernama

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