Ringgit rebounds against all major currencies in early trade

 Publish date: Tue, 11 Feb 2020, 10:02 AM

KUALA LUMPUR: The ringgit snapped its four-day losing streak to open higher against the US dollar ahead of the fourth-quarter gross domestic product announcement by Bank Negara Malaysia tomorrow.
At 9am, the ringgit was quoted at 4.1400/1450 against the US dollar from 4.1450/1480 on Monday.
In a note, Maybank IB Research said it estimates the country’s economy expanded by 3.8 per cent year-on-year in 4Q, based on drops in mining and agriculture plus a slowdown in manufacturing.
This is despite a pick-up in the services sector and a rebound in construction.
Meanwhile, AxiCorp’s chief market strategist Stephen Innes said sentiment in the forex market would continue to be weighed down by the novel coronavirus (2019-nCoV) outbreak.
“The market remains extremely concerned about an escalation of cases outside of China, which could continue to hold back risk until there’s a definitive sign the coronavirus transmission has slowed,” he said.
The ringgit was also higher against other major currencies.
It rose against the Singapore dollar to 2.9816/9863 from 2.9848/9874 on Monday and appreciated vis-a-vis the Japanese yen to 3.7695/7750 from 3.7771/7805.
The local currency strengthened against the British pound to 5.3456/3524 from yesterday’s 5.3508/3563 and improved versus the euro to 4.5159/5230 from 4.5384/5421 previously. 
 - Bernama
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