Highlights

Ringgit strengthens further against US dollar

 Publish date: Tue, 16 Feb 2021, 9:56 AM

KUALA LUMPUR: The ringgit rose for a sixth straight day in early trading today, as bullish oil prices and the latest developments in the Covid-19 vaccine roll out added to optimism over the currency's prospects.
 
At 9.05am, the local currency had risen to 4.0300/0340 against the US dollar from Monday's close of 4.0320/0370.
 
Axi chief global market strategist Stephen Innes said the ringgit continues to get a boost from steady oil prices, vaccine optimism and a gradual easing of the Movement Control Order (MCO).
 
"This is very bullish for the ringgit and should see a gradual return of improving sentiment towards the ringgit as we move into the second quarter. 
 
Meanwhile, the World Health Organisation on Monday authorised AstraZeneca and Oxford University's Covid-19 vaccine for emergency use, giving the green light for it to be rolled out globally through Covax.
 
The local currency was traded higher against other major currencies on Tuesday, except the British pound.
 
It increased against the Singapore dollar to 3.0470/0512 from Monday's close of 3.0481/0523, and strengthened vis-a-vis the euro to 4.8904/8969 from 4.8920/8979 previously.
 
The ringgit also appreciated against the yen to 3.8203/8248 from 3.8258/8313, but weakened against the British pound to 5.6106/6165 from 5.6033/6144.
 
 - Bernama
 
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