Highlights

Ringgit extends gains to open higher

 Publish date: Mon, 23 Nov 2020, 9:58 AM

KUALA LUMPUR: The ringgit extended its rebound last week to open higher against the US dollar today, supported by firmer crude oil prices.
 
Last week, the local currency stood at its strongest position against the greenback since January, moving below the psychologically-important 4.10 level to become one of Asia's best performers against the US dollar, said an analyst.
 
At 9am, the local currency stood at 4.0850/0930 against the greenback, compared with last Friday's close of 4.0900/0940.
 
Axi chief global market strategist Stephen Innes said it is a relatively promising start to the week for the ringgit, which is supported by oil prices, which rose by five per cent last week. 
 
"Oil had a great week, despite concerns about the possible impact of a new wave of lockdowns as Western governments attempt to mitigate the effects of rising coronavirus infections," he said to Bernama.
 
Meanwhile, the ringgit was traded mixed against other major currencies.
 
The local note was slightly higher against the Singapore dollar at 3.0426/0497 compared with last Friday's 3.0434/0479, and rose vis-a-vis the yen to 3.9358/9443 from 3.9399/9445 previously.
 
It slipped versus the euro to 4.8497/8596 from 4.8495/8559 last Friday, and decreased against the British pound to 5.4363/4478 from 5.4295/4360.
 
 - Bernama
 
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